Strategy Sells Perpetual Strife
Also lottery ETFs, investment bank staffers, 24/5 clearing and AI that sells itself.
Strategy, the company formerly known as MicroStrategy Inc.,1 is in the business of selling securities to raise money to buy Bitcoin. The securities that it has sold to buy Bitcoin include:
What’s missing from that list? An obvious one is straight bonds — debt instruments that can’t convert into common stock — but “lend money against our pot of Bitcoins” is less appealing as a pitch than the stock or convertibles are. (I once wrote: “My gut sense is that the one-sentence intuitive credit analysis of MicroStrategy — ‘it has a huge pot of Bitcoins, has borrowed significantly less than the market value of that pot in the convertible market, and has like a $90 billion equity cushion’ — is just fine for convertible investors in a way that it might not be for, like, ratings agencies or traditional credit investors.”)