$BTC
Michael Saylor 🗣 “If Bitcoin falls 90% for the next four years, we'll refinance the debt. We'll just roll it forward.” 🚨
When pressed on BTC dropping to ~$8,000:
“You're at $68,000 right now. It literally has to fall to $8,000, and then we’ll just refinance the debt.”🚨
This is delusional! 🧐
Strategy holds ~714K BTC
- Current Cost basis $54B, avg $76K/BTC.
- If it dropped to $8K/BTC, holdings would collapse to $5.7B value
Debt: $8.2B in convertibles plus $8B preferred equity (high dividends)
Cash buffer covers 2.5 years of payments NOW - in a crash, it evaporates with no new raises!
LTV explodes past 140% (debt > asset value).
Software biz revenue (~$500M/year) can't service anything meaningful
No bank/lender refinances a company whose primary asset has cratered 88%+, with worthless conversion options, junk credit outlook, and never sell policy making BTC illiquid collateral
Yields would spike to 15-20%+ (if anyone bites), or issuance fails entirely 🧐