Saylor’s "Bitcoin per share" alchemy is a brilliant piece of financial engineering that exploits corporate leverage to outperform passive ETFs. However, it essentially transforms a software company into a high-stakes speculative vehicle where the line between genius and reckless leverage remains razor-thin.
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Michael Saylor SELLING Bitcoin?!Añadido:
There's been a lot of talk about Saylor's just said Sell Bitcoin, pay the dividends, buy more Bitcoin than we sell.
>> really blown out of proportion, but I thought it did start an interesting conversation on, "Okay, so what exactly is the right strategy?"
>> I'm a big supporter of of what they just did. And they're like, "Well, what are they going to do if they can't issue equity, they can't fund the dividend?" I was like, "Well, they could sell the Bitcoin." And they were like, "Brain breaks."
>> [laughter] >> They're sitting on 65-plus billion dollars worth of Bitcoin. And that's the benefit of being an operating company as opposed to ETF. [music] BlackRock couldn't do this. They can use that balance sheet however they see fit to increase Bitcoin per share for their shareholders, as well as put the company in a better long-term position, ultimately accumulate more Bitcoin.
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