MicroStrategy's Unconventional Bitcoin Strategy: Insights from Swan Bitcoin
Ben explains MicroStrategy's "unconventional funding" through stock sales and convertible bonds, aligning with a long-term Bitcoin strategy. He highlights the company's ability to absorb Bitcoin's volatility without compromising stability. While operationally stable, equity holders may face challenges if Bitcoin's price remains low for years, potentially leading to stock dilution. Ben emphasizes the strategic design of MicroStrategy's capital structure.