Michael Saylor’s Misfiring Funding Model Jolts Bitcoin Traders

Michael Saylor’s Misfiring Funding Model Jolts Bitcoin Traders Fears that Michael Saylor’s Bitcoin buying machine is beginning to seize up are spilling across the crypto market, fueling the latest leg of Bitcoin’s selloff and exposing cracks in one of the financial structures that has underpinned demand for the world’s largest cryptocurrency over the past two years. At the center of those concerns is Strategy Inc.‘s financing model, which transformed the company into Bitcoin’s largest corporate buyer by repeatedly issuing securities to fund additional purchases. Investors are increasingly questioning whether that machine can keep running after a prolonged decline in Bitcoin — now trading firmly below $60,000 — mounting obligations and a collapse in the market value of the company’s preferred stock.