Bloomberg Talks Strategy Executive Chairman Michael Saylor Talks Jim Chanos for Calling to Short Strategy
Jun 10, 2025
Michael Saylor, Executive Chairman of Strategy and a Bitcoin enthusiast, challenges short-seller Jim Chanos's advice to short his company's stock. He discusses the significant premium his company’s shares command compared to its Bitcoin holdings and emphasizes innovative financial strategies using Bitcoin collateral. Saylor also highlights institutional support for Bitcoin, explores the advantages of preferred stocks over convertible bonds, and considers the impact of AI and quantum computing on Bitcoin's future security.
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Strategy's Unique Business Model
- Strategy's business model revolves around issuing Bitcoin-backed credit instruments, not just holding Bitcoin.
- Preferred stocks allow borrowing without equity dilution, creating flexible financial tools for growth.
Beyond Bitcoin Holdings
- Strategy generates significant Bitcoin gains acting like earnings for the company.
- The firm's ability to issue high-yield preferred shares and reinvest creates a risk-free arbitrage benefit.
Valuing Strategy's Enterprise
- Strategy's value includes both BTC holdings and earnings equivalent from Bitcoin gains.
- Investors should assess earnings multiples to value Strategy, not just Bitcoin NAV alone.