$MSTR can never end up in the situation Situational Awareness just found itself in. Aschenbrenner ran 4x leverage through prime brokers. Then AI stocks fell 35% in a month, the margin calls came and the entire public book was sold to Citadel. It didn't matter if the thesis was right but the financing was not survivable. Strategy's capital structure has no margin call mechanism. The perpetual preferreds have no maturity date, no collateral trigger and no counterparty who can demand the Bitcoin back. Nobody can force Saylor to sell.
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