লিভারেজ নয়, অর্বিট্রেজই সত্যিকারের সুবিধা

লিভারেজের মিথ

আসুন,শব্দগুলির ‘শব্দগুলি’দূরতা: \(MSTR-এ \)BTC-এইমধ্যে ‘ঋণভিত্তিক’মহড়া?না,অধিকাংশইমনসম্‌পথ।কিন্তুআমারসফ্‌ফ্‌নগহ,‘Strategy’হচছe—পবতt100% arbitrage business.

‘ম্যানডেট’গপ

প্‌য়াদখা (Institutional)investor-দল ‘equity-only’ rule-অধীন।$BTC or ETFs -ইউ.এস. fundগুলি ‘speculative’হওয়ায় access -থাকছe not.

আসুন Michael Saylor and his $MSTR strategy—not as crypto hedge fund, but as legal conduit for capital trapped in legacy systems.

Supply & Demand Arbitrage

$MSTR buy=Bitcoin exposure at scale. Institutional demand > supply → premium pricing. Result? Every dollar raised via share issuance buys more BTC than its market value suggests. It’s not debt-driven growth—it’s mandate-driven efficiency.

Math is clean: • 580k BTC held (2.9% of total supply) • 1600% stock return over three years (vs 420% for BTC) • Institutional buyers like Capital Group now own ~12% of $MSTR — yes, they’re betting on this model.

That’s not speculation—that’s architecture.

Debt Is Not Risk—It’s Strategy

People panic about MSTR’s debt load. Fair enough—debt does compound risk if mismanaged. But let’s be precise: this isn’t credit card debt or margin calls with liquidation risk. It’s long-term debt with interest-only payments and no asset forfeiture clauses—even when prices drop hard. Compare that to typical corporate loans and you’ll see why lenders want this deal: stable cash flow from operations + collateralized future value = low default probability. even if BTC crashes to $15k (a brutal scenario), MSTR can service its obligations without selling assets—which means no panic sell-off trigger. This isn’t gambling; it’s hedged execution under uncertainty—a classic INTJ move if ever there was one.

The real danger isn’t price—but imitation.

Now we have MetaPlanet, Nakamoto Labs… others copying the model.

If competition drives down premiums and forces excessive leverage just to keep up? Then we’ll see true systemic risk.

Until then? Strategy remains the ultimate arbitrage play—not because it owns Bitcoin, but because it owns access to capital that can’t otherwise touch it.