This week, U.S.-listed company Strategy announced another purchase: after adding 1,666 bitcoins, the company’s holdings of $BTC have risen to 847,666 coins. It has been using the same method to add to its position for several consecutive quarters: the money does not come from operating cash flow, but from convertible bonds and stock issuance. In plain terms, these coins were bought with money borrowed from others. Each time the market treats this as a buying catalyst and focuses only on how much more it can buy; I’m more interested in the other side of the equation: when it will be forced to stop. Financing costs, the conversion price of the convertible bonds, and whether the market is still willing to keep buying its stock—these three together determine how far its buying can continue. At 840,000 coins, when a single entity is buying, it is buy pressure; when it is forced to sell, it is no longer a pricing issue. Does the narrative of a company buying bitcoin still hold up? Do you think these 840,000 coins are a moat, or a stone hanging over its head?