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Adam Livingston raises questions about the future for bears if Strategy pays off all of its debt and Michael Saylor is able to amplify Bitcoin exposure by 70% with zero maturity risk.
He also asks what might happen to the mNAV under this structure during a Bitcoin bull run, suggesting that billions could flow into Bitcoin as a result.
Livingston previously noted that Bitcoin's 5.86 percent decline ranked among the seventy worst daily performances since 2020, highlighting periods of notable volatility in the asset’s history here. In a separate report, he detailed Strategy’s acquisition of 1,587 bitcoin and a $100 million increase in its U.S. cash reserve following a $209 million capital raise here. These developments provide context to the company’s ongoing efforts to adjust its balance sheet and Bitcoin holdings.