Bitcoin House of cards
Micro strategies - SEC is blind MSTR is on exchange 
Get your money out now! 
He screwed up $10.8B in unrealized profit on paper, assuming no liabilities. Subtracting the Notes (Debt) You’ve nailed the key: Saylor’s funded this with convertible notes—debt that can turn into stock. If BTC tanks, that debt doesn’t vanish; it’s owed regardless. Let’s tally it: - **Total Debt**: MicroStrategy’s outstanding debt is $8.2 billion (per Bitcoin Overflow, Feb 2025), including: - $1.75B (2024 notes, 0.625% interest). - $1.1B (Jan 2025 notes, 0% coupon). - $650M (2020), $500M (2021), and more—cumulative issuances. - **Net Gains**: $40.1B (BTC value) - $29.3B (cost) - $8.2B (debt) = $2.6 billion. So, after the notes, MicroStrategy’s real profit is $2.6B—still positive, but a far cry from $10.8B. If BTC drops below $81,300 ([$29.3B + $8.2B] ÷ 461,000), they’re underwater—debt exceeds value