Strategy: The $84 Billion Bitcoin Flywheel

Description

Summary MicroStrategy stock surged ~25% since coverage began, outperforming the S&P 500’s 9% return during the same period. The company holds 607,770 Bitcoins worth ~$71.96 billion, while trading at a ~$120.87 billion market capitalization. The $84 billion "42-42 Capital Plan" aims to raise $42B in equity and $42B in debt to scale. A prolonged crypto winter could cripple MSTR’s capital flywheel, with $12B in liabilities and no organic cash flow to cover them. Despite $12B in liabilities, includi...