📉“MSTR’s leverage is scary. Could trigger the next bear market.” 😱
Not quite.
🔹 MSTR’s debts are unsecured = no margin calls on $BTC.
🔹 They face redemption obligations, not forced liquidations.
🔹 Most debts are convertibles -> 4 of 6 are already in the money.
🔹 Remaining 2? Could be refinanced via CBs, ATMs, or Preferreds.
🚨 The real risk: If public markets lose appetite for $MSTR refinancing tools (e.g. in a long bear market) then things get tricky.
Image below is from our 04Feb25 report (linked in the next tweet) ⬇️
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