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 Kachuba

Evidence 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 HistoryExcess Returns
Created: 8/11/2026, 8:03:54 AM

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