🧨 #MichaelSaylor isn’t building a BTC$BTC treasury.

He’s running Wall Street’s favorite volatility play.

Not for HODLers. For hedge funds.

🧩 Here’s what most people miss:

1️⃣ Convertible bonds = arbitrage bait
Funds buy the bonds, short #MSTRstock and profit from volatility spread.
They stay delta-neutral — and don’t care about Bitcoin.

2️⃣ 10% “yield” with no revenue?
New preferred shares promise yield…
But it’s paid by new investors. That’s not sustainable.

3️⃣ MSTR ≠ Bitcoin with leverage
It’s a hybrid monster: options, debt, and narrative.
Retail gets exposure to risk, not just BTC.

⸻
Saylor’s strategy is high-conviction — but it’s also high-risk, highly-leveraged, and built on assumptions that BTC goes up forever.

If that breaks,
retail holds the bag.
Not hedge fund