How to completely torpedo something great because of pure, unadulterated greed. Counterparty risk extends far beyond just holding the claim on on asset. MSTR will almost assuredly “survive” when the Bitcoin price goes back up, but they completely rugged their investors, straight up lied to them many times over, and the promises of what could have been will never materialize with this structure embedded in the company. There is no way to fully optimize each stakeholder’s position. The most screwed are the common stockholders as they suffer the pain of dilution and decreasing share price when BTC is sold to fund things. It’s actually quite sad to witness.
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