Michael Saylor’s Bitcoin position is officially underwater, but here’s why he’s unlikely to hit the panic button.
TL;DR The price decline hampers Strategy's ability to buy more bitcoin without diluting shareholders, since the stock trades at a discount to its bitcoin holdings. The whole 9 yards of đź’© The Royal Flush here, folks, wiping the coffee rings off my keyboard after diving into the latest “blood in the streets” saga about Michael Saylor’s bitcoin stack. Yes, the price has moved against the thesis, and yes, that makes the internet chirp with the kind of bravado you only hear when a bull market climbs into a hot tub with a jacuzzi full of FOMO. But no, this is not the moment to declare a crisis, reach for the panic button, or stage a dramatic exodus from the crypto-optimism confetti cannon. This is the moment to talk about what actually changes when the price of bitcoin dips and a certain company’s balance sheet looks a bit, well, underwater. The headline, in plain, deliciously messy terms: Michael Saylor’s bitcoin stack is underwater. The stock market, for once, is not playing fo...