Strategy just brought net leverage ratio to near zero.
$6.69 billion in cash almost offsets the full $6.75 billion of convertible notes. That means for the next four years, the preferred dividends and debt interest can be paid with cash—no selling coins, even if BTC gets cut in half tomorrow.
STRC preferred shares rebounded more than 35% from the June low, climbing back to around $97. The market is starting to believe this company won’t blow up. Saylor also posted that Strategy holds 1/25 of the total Bitcoin supply.
But the question is: when someone shifts from “piling on leverage” to “the most conservative player,” is it bullish or bearish? If BTC keeps rising, does MSTR’s upside still have room—or is the cash he’s hoarding just waiting for a lower price?
$6.69 billion in cash almost offsets the full $6.75 billion of convertible notes. That means for the next four years, the preferred dividends and debt interest can be paid with cash—no selling coins, even if BTC gets cut in half tomorrow.
STRC preferred shares rebounded more than 35% from the June low, climbing back to around $97. The market is starting to believe this company won’t blow up. Saylor also posted that Strategy holds 1/25 of the total Bitcoin supply.
But the question is: when someone shifts from “piling on leverage” to “the most conservative player,” is it bullish or bearish? If BTC keeps rising, does MSTR’s upside still have room—or is the cash he’s hoarding just waiting for a lower price?