Saylor càng xem càng thấy giống chuỗi Ponzi, lãi cổ phiếu ưu đãi sớm muộn cũng sẽ bộc lộ, trong vòng 4 tháng sẽ rõ thực hư.

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 worth of preferred shares in hopes that BTC would surge, then paid 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 defaults, 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.