What Is Going Wrong For Michael Saylor

Market commentator Kyle argued on X on June 4 that the company’s preferred-share dividend obligations could turn Michael Saylor from Bitcoin’s biggest buyer into a potential forced seller.

The company’s Bitcoin accumulation model worked while the company funded purchases through equity issuance, convertible notes and other financing tools that did not require near-term cash payments.

Strategy owns roughly 4% of Bitcoin’s total supply, making its balance sheet one of the biggest swing factors in crypto markets.

Kyle argued that earlier Strategy financing was easier for bulls to defend because common equity had no guaranteed return. The company could…

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