ALL YOUR MODELS ARE DESTROYED — THE RISE AND FUTURE FALL OF MICROSTRATEGY

Summary from the TLDR Founders newsletter

MicroStrategy trades at a significant premium to its net assets. Driven by narratives of high "Bitcoin yield," which is funded mainly by new investor money, this structure resembles a Ponzi scheme, as late investors risk substantial losses when the investor pool shrinks. With management and the company treasury selling shares, the sustainability of the current trading premium is highly questionable.