I suppooooose Twitter interviews from CNBC now counts as podcast clips?!

This has long been a concern: in a pinch, even if you're balance sheet solvent, could you raise the money?!

Basically, with bitcoin falling and MSTR falling and no money coming into prefs, (#1429909) could you actually get your hands on enough dough to fulfil your obligations, voluntary and binding?

Yes, we know Strategy doesn't have a liquidation problem, its bitcoin doesn't sit collateralized, far-far-away for a bailout loan (unlike some others, not looking at you NAKA...), that the company has a ton of cash on its balance sheet (30-ish months of pref dividend payments) just sitting there ready to pay dividends while Strategy confidently rides out the storm.

...but in the extreme, unlikely (yeaa??) event that bitcoin drops to $8,000, at that point giving Strategy some serious headaches, is it REALLY a good idea to be this blasé about it?

"Andrew, if bitcoin falls 90% over the next four years, we'll refinance the debt; we'll just roll it forward."

Rebecca Quick jumps in: "Finance where? You think banks will lend to you at that point?"

Noticeably flustered — as we've learned from the WBD/Danny episode and more (#1410584), Saylor is not happy when he gets pushback — Saylor says,

"Yaaa" (duuh, teenage eyeroll anyone??), "because the volatility of bitcoin is such that there'll always be value."

But then she asks about one of the actual debts that mature next year (2027, convertible debt, issued years ago on the belief that they'd just print MSTR shares for it way into the successful wealthy future) — a question Saylor avoids and altogether dodges.

Subtracting that 1bn due in Sept 2027 (assuming, of course, the MSTR price stays below the 183 conversion price), that leaves 1.25bn in their war chest/dividend payment, which would be empty right about then. So, the 2.5y/30 months stuff does NOT include repayment of principal.

(Still, pretty aggressive assumptions there... bitcoin staying low 1.5 years ago, MSTR price below 183, not able to opportunistically raise funds via MSTR issuance or STRC until then).

He's flakey (FLUNKY?!), but doesn't really need to be.

Still, we're here monitoring his every move! Enjoy, Strategy fans