MicroStrategy's financing model of repeated equity offerings and debt issuance to fund Bitcoin purchases resembles a pyramid scheme structure that is unsustainable
Too little corroboration in the last 3 days to call a trend (3 articles). Watching for it to gain traction.
Still mostly niche and specialist coverage — not yet picked up broadly by mainstream press.
"Strategy disclosed it sold 1,690 bitcoin for $108.6 million on Monday, using the proceeds to repurchase 1,152,020 shares of its variable-rate preferred stock, STRC, for $108.6 million."
"The distinction is especially important because Strategy has formally changed how it manages Bitcoin. The company once focused overwhelmingly on accumulation, but its board now permits Bitcoin monetization for specified corporate purposes."
"he urged investors to 'sell MSTR and buy bitcoin directly,' describing the company's structure as resembling a 'stunning pyramid scheme.'"