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MicroStrategy’s “Infinite Money Glitch” Explained

Wall Street Millennial | March 12, 2026



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In this video we look at MicroStrategy’s valuation relative to its Bitcoin holdings.

Check out our second channel Broken Business Models where we discuss unusual or otherwise suspect businesses that may be unviable: / @brokenbusinessmodels

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#wallstreetmillennial #microstrategy #bitcoin #mstr

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0:00 – 2:47 Intro
2:48 – 10:05 Bitcoin Bank
10:06 Rationalizing The Premium

Written by Wall Street Millennial

Comments

This post currently has 39 comments.

  4. @kamuss11

    March 12, 2026 at 6:03 pm

    Isnt the profit from the convertible bonds capped at $54,000? The convertible bond gets in the money at a BTC price of $152,000, so they make max $152,000 – $98,000 = $54,000. After that MSTR doesnt make more money. Good video.

  11. @Likwidfox

    March 12, 2026 at 6:03 pm

    Finally the first company in the black and its just hoarding bitcoin lol. Why even pretend to do anything else its just a waste of money.

  14. @ikeo1

    March 12, 2026 at 6:03 pm

    How does your thesis change with the genius act and possibly the clarity act? I think now with ethereum treasuries, this tactic is expanding but with a twist with more capital coming into the equity markets to keep this going. An update would be pretty good.

  20. @yiumordekaiser6485

    March 12, 2026 at 6:03 pm

    MSTR up 35% YTD, BTC best asset class in the last decade.
    Even if its a ponzi, it has rewarded early entry and MSTR undoubtedly has been a very strong stonk recently.
    Everyone believes they won't catch the last wave, and left bag-holding.

    In essence, when Saylor limit tests, limit gets PTSD.

  21. @childnuk

    March 12, 2026 at 6:03 pm

    16:00 comments on the convertible bonds are fuzzy and confusing.

    Issuance of convertible bonds is driven by many factors, but mainly: cash flow and profit sharing.

    Cashflow should be obvious: MSTR has little operating income, 0% convertible is much better than 10% or higher coupon bond for the company’s cashflow.

    Second, sharing upside is to tempt investors. For MSTR/Saylor, or any corp executives, this is optionality to issue equity with higher than market prices. For example, 2028 cbond issued on 20Sep24, with MSTR daily close of 144 and conversion price of 183.

    The argument 16:00 is confusing MSTR investor viewpoint with Saylor’s perspective. Saylor is betting on future of BTC by selling his company. By giving away upside, he locked in investor capital for free especially when things are far uncertain. With aggressive buying, and timing that buying, he could achieve higher NAV premium. Reasons for the premium are for another day.

    It is obvious if compare this with when TSLA issued convertibles.

Comments are closed.

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