$BTC
Saylor just gave the credit markets a masterclass in how not to manage corporate debt 🚨
"We'll refinance" isn't a strategy. It's a prayer to the credit gods that liquidity stays cheap forever
MicroStrategy has $2.6 billion in convertible debt coming due through 2028. Every refinancing cycle depends on Bitcoin staying elevated and credit spreads staying tight
The company is now a walking correlation trade. Bitcoin up, refinancing gets easier. Bitcoin down, and suddenly those investment grade ratings start looking shaky
Here's the kicker: Saylor acts like he's playing 4D chess, but he's actually painted himself into the most obvious corner in corporate finance
The debt-to-Bitcoin feedback loop is already in motion. Lower Bitcoin prices mean tighter refinancing terms. Tighter terms mean less flexibility to buy more Bitcoin. Less buying means less upward pressure on Bitcoin
This isn't revolutionary corporate treasury management. This is leverage amplifying volatility with a software company stuck in the middle
The credit analysts pricing MSTR debt aren't betting on Bitcoin. They're betting on Saylor's ability to keep this refinancing carousel spinning
When refinancing becomes your core competency, you've already lost the plot