Everyone talks about #Strategy's #Bitcoin.


Almost nobody talks about its cost of capital.
The biggest risk isn't $BTC.
It's losing access to cheap financing.
If Strategy can no longer issue equity and preferred shares at attractive prices, the Bitcoin acquisition flywheel slows dramatically.
Ive seen it before (deja vu) - sometimes the market doesn't attack the asset, It attacks the funding.
BTC1.11%
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