Saylor, essa operação parece cada vez mais uma pirâmide de Ponzi, os juros preferenciais vão explodir cedo ou tarde, a verdade virá à tona em 4 meses.

Arca Chief Investment Officer Jeff Dorman pointed out that the MSTR situation has gotten out of control, speculating that Michael Saylor issued billions of dollars in preferred shares in hopes that BTC would surge, then paying dividends by selling BTC. After BTC fell, the market worried that the approximately $1.5 billion in preferred shares corresponded to $150 million in annual dividends. To ease short-term default, MSTR raised $200 million through stock financing, but then used cash to buy back bonds due in 2029 instead of paying dividends, exposing cash flow issues. In the next four months, one party may face significant losses.