X @Ivan on Tech ๐ณ๐๐ฐ
Ivan on Tech ๐ณ๐๐ฐยท2025-12-02 11:11
RT Hedgie (@HedgieMarkets)๐ฆI keep seeing people call Michael Saylor's Strategy a Ponzi scheme, so I wanted to walk through what's actually happening because the truth is more nuanced than the hot takes suggest.The Business Model and NumbersStrategy has no meaningful operating income. The company borrows money and issues stock to buy Bitcoin, then issues preferred shares that pay 8-10% dividends to fund more borrowing. That cycle works as long as Bitcoin keeps going up and they can raise capital. They hold 6 ...