Micro Strategy is not fundamentally a software company but rather a Bitcoin financial strategy vehicle being valued at 3-4x its actual Bitcoin holdings; this financial engineering through repeated convertible bond issuance and leveraged Bitcoin purchases has created a bubble that will collapse if Bitcoin declines meaningfully
causalpending
Speaker
Brent KachubaEvidence Quote
“it's not because of its SAS business... it's because of the financialization of the Bitcoin strategy”
Source
Tesla, MicroStrategy and An Inside Look at the Biggest Options Expiration in Market History— Excess ReturnsCreated: 8/11/2026, 8:03:54 AM
My Notes
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