What is Strategy?

Jeff Dorman describes Strategy as a monarchy where Saylor ignores board input.

“It is all for all intents and purposes. This is basically a monarchy, right? So, you know, you come in with thoughts and ways to help and it might just be like don't care, right? This is the way I'm doing it.”

Jeff Dorman explains the base-case endgame for Strategy preferred shares: the dividend quietly stops, no legal trigger forces action, and the shares drift to 30 to 40 cents on the dollar indefinitely.

“The worst outcome is they stop paying the dividend, but there's no triggers to force them to do anything and it just languishes at 30 or 40 cents on the dollar forever.”

Michael Saylor, publicly synonymous with a never-sell Bitcoin stance, sold 32 Bitcoin, undermining his own brand narrative.

“He sold 32 Bitcoin.”

Strategy has authorization to sell 1.25 billion dollars worth of Bitcoin, a supply overhang that Jeff Dorman says keeps a lid on Bitcoin's price.

“The authorization to sell the billion and a quarter Bitcoin probably keeps a lid on Bitcoin until he actually sells it. at some point he has to sell that and be like now we are actually done for a while and that's when I think Bitcoin probably bottoms and you know MSDR probably bottoms as well.”

Jeff Dorman says Strategy is most likely a slowly melting ice cube for decades, not a bankruptcy candidate.

“It's most likely just going to be a slowly kind of melting ice cube for decades.”

Strategy's authorization to sell 1.25 billion dollars of Bitcoin is itself a price ceiling on Bitcoin until those sales are completed, per Jeff Dorman.

“The authorization to sell the billion and a quarter Bitcoin probably keeps a lid on Bitcoin until he actually sells it. at some point he has to sell that and be like now we are actually done for a while and that's when I think Bitcoin probably bottoms and you know MSDR probably bottoms as well.”

Ryan Sean Adams on why Strategy-style instruments should not be labeled Ponzi schemes.

“I think it's hard to describe these as Ponzi. a Ponzi is guaranteed to fail, right? That's what that's why we call it that's why it's a crime to run a Ponzi scheme. These are clearly not guaranteed to fail.”

This is the first time strong evidence has emerged that Michael Saylor and Strategy are acting as a meaningful drag on the Bitcoin market, not just a buyer.

“This is really the first time I think we have strong evidence that sailor and strategy are weighing heavily on the market.”

Strive is flagged alongside Strategy as a digital capital structure vehicle that risks morphing into an actively managed hedge fund unless it acquires operating businesses.

“These will end up probably looking like actively managed hedge funds unless they staple on operating businesses.”