Bitcoin Pays No Coupon: Saylor Details Where Strategy Gets the Dollars
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Michael Saylor said Strategy funds Bitcoin purchases by issuing equity and debt rather than relying on income from its Bitcoin holdings, which pay no coupon. The company’s ability to keep accumulating therefore depends on access to capital markets and investor demand for its securities. This approach amplifies Bitcoin exposure but also leaves Strategy vulnerable to financing costs, dilution, and weaker market conditions.
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