“The Bitcoin Standard” author Saifedean Ammous douses a bucket of cold water:
He believes that, aside from Michael Saylor’s Strategy, it’s difficult for other “Bitcoin Treasury Companies” to compete with it.
Strategy holds 847,666 BTC at a cost of $63.95 billion, with an additional $5.02 billion in reserves covering preferred stock dividends and debt interest; with its large scale and abundant cash, it can borrow at a lower cost.
When BTC fell below $60,000 this summer, Strategy raised the STRC preferred dividend to 12%, repurchased shares, and built up a cash reserve.
“Buying Bitcoin” is easy; “holding up the treasury structure” is hard.
He believes that, aside from Michael Saylor’s Strategy, it’s difficult for other “Bitcoin Treasury Companies” to compete with it.
Strategy holds 847,666 BTC at a cost of $63.95 billion, with an additional $5.02 billion in reserves covering preferred stock dividends and debt interest; with its large scale and abundant cash, it can borrow at a lower cost.
When BTC fell below $60,000 this summer, Strategy raised the STRC preferred dividend to 12%, repurchased shares, and built up a cash reserve.
“Buying Bitcoin” is easy; “holding up the treasury structure” is hard.