Strategy risks

Risks and challenges for Strategy’s Bitcoin strategy

An analysis of the key risks and challenges facing Strategy (formerly known as MicroStrategy) as it continues its Bitcoin-focused corporate strategy.

'Cheap debt' narrative: is Strategy's convertible debt truly inexpensive?

A critical examination of Strategy's convertible debt strategy and why the 'cheap debt' narrative deserves closer scrutiny

'Dilution is accretive' narrative: A critical look at Strategy's equity issuance

Analyzing Strategy's equity issuance approach, potential shareholder dilution, and the claim that convertible bonds provide protection against dilution

Examining the 'Infinite Money Glitch' narrative: Is Strategy's financial model sustainable?

A critical analysis of Strategy's capital accumulation model in response to Emil Sandstedt's critique, examining both risks and potential sustainability of the company's Bitcoin acquisition strategy

Examining Strategy's performance in Bitcoin bear markets: risks and opportunities

A comprehensive analysis of Strategy's volatility during Bitcoin bear markets, exploring both the amplified downside risks and the significant trading opportunities this volatility creates for investors

Understanding the claim on Strategy's Bitcoin holdings

Who has claim on Strategy's Bitcoin holdings? How are the fixed income instruments structured, and what happens in potential various liquidation scenarios

Evaluating the bear case against Strategy: Are the criticisms valid?

A detailed analysis of common criticisms against Strategy's Bitcoin accumulation model, examining concerns about sustainability, debt structure, and the 'Ponzi scheme' narrative