next thing wrong with it is "people don’t fully understand the inherent margin risk".  Not a lot of risk when your leverage is 0% over a long time period when your business cashflow can more than cover it and/or it converts to stock.  It's not even really fair to call this leverage.  This is just normal use of debt that any public corporation uses, the only difference is they are using it to buy bitcoin instead of expand their business or do an aquisition.