Michael Keller

He's running out of cards in the sleeve to pull out and just be like, I've got another bailout.

And he also this week, make this make sense, he's still buying Bitcoin, right?

I mean, Jeff Dorman had a take, which is basically like...

What probably the 70% probability is Michael Saylor will continue to do what he's doing, which is continue to ATM mint strategy as long as he can every month and just hope things get better with the Bitcoin price.

And that's what he's doing.

That's the course that he's playing.

So far.

And maybe he'll be able to build enough runway so that some of these other bodies in the three body problem don't spin off and cause him bigger issues.

But there is always the possibility here, and he knows he has this card, to rip off the bandaid, sell three to four billion of Bitcoin, and then just be like, hey, stretch holders, see, we have it.

Maybe he could use some of that cash to actually buy some SDRC.

That could be value accretive if he gets that at a discount to MSDR hold.

And like, that's probably what's going to happen.

One of those two options.

I don't think he is like, I don't think unless this goes on for a long time, I don't see a death spiral scenario here unless Bitcoin death spirals down, of course.

The more probable scenario, if you're kind of bearish on market conditions, is that it's just like a slow melting ice cube.

I think Austin Campbell made this remark in a recent post I saw, which is just like, over five years, this whole thing could melt away if Bitcoin doesn't get the creative price performance that all investors expect and that, quite frankly, you and I expect.

So I don't see the Terra Luna death spiral still.

I definitely don't see that.

But like if I, you know, there is the possibility that he burns his bridges with the preferred share STRC type of instrument and that those like holders get pissed and he loses that.

I don't think they'll get wiped out, but they can't be happy.