Скачать или смотреть MicroStrategy’s Bitcoin “Rules” Didn’t Last Long

Hedgeye Digital Assets Sector Head Josh Steiner broke down why MicroStrategy’s Bitcoin strategy looks more like an experiment than discipline.

The company originally told Wall Street it would only issue equity to buy more $BTC if shares traded at a rich premium — “two and a half times the net asset value of their Bitcoin holdings.”

Shortly after, $MSTR reversed course: “just kidding…we’ll be opportunistic, even below that threshold.”

“It’s like a pretend buyback program with levels,” Hedgeye CEO Keith McCullough said, pointing out how quickly credibility evaporates when rules are bent.

With more than 200 companies now adopting digital asset treasury strategies, Steiner reminded investors: you don’t need to know the why. The signal tells you when.

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