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 Of those two scenarios, likely the latter. Although I think if they were looking to spend more money on improving their cash flows, they wouldn’t try to take market share from their competitors in enterprise software but rather look to carve out a niche in providing enterprise-oriented bitcoin solutions, layer 3 work, web5 work with @jack etc. 

I don’t see them as being interested in trying to overtake IBM and Oracle, but rather being the Bitcoin enterprise software company. That’s their win condition, from a cash flow perspective 
 Yeah, I think that’s spot on. 
 Not to mention they’re frontrunning banks and the giant tech companies with their balance sheet. 

Bitcoin either gets attacked by government or it doesn’t. If it doesn’t get attacked, then the accumulation done by companies like apple Google meta Nvidia etc combined with the large banks will give them one of the largest debt-to-equity ratios in the US market. 

If the government does try to attack bitcoin, either via harmful regulation or attempted seizure, we’ll see how it plays out on whether the govt will actually get the bitcoin, or if Saylor tries to hop ship, burns the keys, etc etc. Uncharted waters in this scenario.