THERE ARE NO SOLUTIONS, ONLY TRADEOFFS

MSTR has created a set of circular incentives using Bitcoin where everyone involved wins. It's truly beautiful to behold & so very rare in fiat land. The only loser is the fiat currency earner & saver.

If Bitcoin crashes, the share price will suffer but nothing will collapse. The duration of these bonds is longer than a Bitcoin cycle & not tied to the share price. I don't see him needing to sell a little of their stack to pay them off. At worst they will reissue the debt with slightly less favourable terms.

It is higher risk than sats in cold storage but so is everything in fiat land. If I had value stuck in fiat land then I'd use MSTR but my retirement fund is 100% allocated to Bitcoin since 2020. I don't need to take on this risk.

The biggest risk is basically the 6102 attack, same as the ETFs. It's unlikely occur but devastating to all, if it does. Even those with sats in cold storage will likely be eating 2min ramen for a while.

Should you sell your sats to buy MSTR shares? I'd tell you no, just keep your sats & watch MSTR pump their value. If you're retirement fund can only buy the ETFs or MSTR, I'd probably go with MSTR.