On the Margin: What People Get Wrong About MicroStrategy’s Bitcoin Plan | Dylan LeClair

In this episode, Dylan LeClair joins the show to discuss MicroStrategy’s Bitcoin strategy, the insane performance of its convertible notes, and its $42 billion capital plan. We also discuss how to value MicroStrategy, the company’s liquidation risk, how other companies can replicate its strategy, and much more. Enjoy!

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Timestamps:

(00:00) Introduction

(03:19) MicroStrategy’s Bitcoin Strategy

(09:41) Who Is Buying MicroStrategy?

(14:24) How To Value MicroStrategy

(16:02) FASB Regulation Change

(19:05) MicroStrategy’s Dilution & NAV Premium

(21:49) MicroStrategy’s Convertible Notes

(24:14) MicroStrategy’s $42 Billion Capital Plan

(27:14) Why Is This Strategy Accretive to Shareholders?

(30:48) Advertisements

(32:45) Impact Of The Capital Plan

(36:11) MicroStrategy Risks

(44:07) Replicating MicroStrategy’s Strategy

(49:09) Crypto Market Outlook

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Disclaimer: Nothing discussed on On The Margin should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.