> The first is that MSTR can get really cheap loans because they're essentially a profitable business that can service those loans. Although I would caution tha

> The first is that MSTR can get really cheap loans because they're essentially a profitable business that can service those loans. Although I would caution that the "But it's got a track record dating back to 1989" stuff - the only reason MSTR is in this position is because it hasn't really grown in pace with the market. They're an income stock not a growth stock, and their business analytics experience tells you nothing about their investment experience. I agree with most of what you said in general terms. However MSTR is doing this because they've got an eroding business that is in deep shit and the clowns in charge see the writing on the wall. They're not an income stock. MSTR's sales and operating income the last few years: 2016: $512m sales, $107m operating income | 2017: $504m sales, $74m op income | 2018: $497m sales, $4m op income | 2019: $486m sales, -$1m op income | Last four quarters: $482m sales, $39m op income The trend is more than written on the wall, it's graffiti'd all over that nice MSTR building in Tysons corner. This Bitcoin move on their part is because they have no idea what to do with their actual business, they don't know how to deploy those financial resources to actually grow their real business. There can hardly be a worse sign for MSTR. Whatever their strategy has been, it has failed. Bitcoin is a hail mary. If I were large investor in this company, I'd be pushing for an investigation into their finances immediately. I wouldn't trust Michael Saylor one bit, he's a carnival barker that just barely survived the dotcom bubble, and his behavior back then was just as shady as this move is. The cloud era is likely threatening to destroy them as an independent business (at a minimum) and their options are very limited (unlike eg Oracle, they can't just get desperate and go on a big acquisition binge, they can't afford to really buy their way back in with a $2.6b market cap, given how expensive everything cloud is right now).