Criticizes MicroStrategy's strategy of selling Bitcoin to pay dividends; views as exposing fatal flaw in the company strategy.
Michael Saylor selling Bitcoin to pay dividend reveals contradiction/flaw in MSTR's core strategy of accumulating Bitcoin. Even small amounts show the strategy is unsustainable.
I've seen lots of stock-cult behavior before, but there is some world-class mental gymnastics being played by MicroStrategy $MSTR bulls in order to justify Michael Saylor selling Bitcoin to pay the dividend. The amount is irrelevant. It exposes a fatal flaw in the "strategy".
| Horizon | Raw move | vs SPY |
|---|---|---|
| 1 day | -7.0% | -6.3% |
| 1 week | -14.0% | -11.0% |
| 1 month | -25.9% | -24.0% |
| 3 months | — | — |
| 6 months | — | — |