I wonder what his end game is, MSTR made a 7 million loss in 2020, I am pretty sure they have been so focused on buying BTC they're not exactly ramping up improved products, will be interesting to see what their Q 3 earnings look like.
My concern here is so what if his got 2 billion in BTC, if the company keeps posting losses whats the point? He can refi the debt but eventually if his not making earnings, he has to dump the balance sheet assets.
Taking a brief look at the financials it looks like they have been cash flow positive the last few years except last year and that was only because of a very large "other income expense". No idea if that was a one time thing or not without digging deeper, but the company appears to generate a profit outside of that.
Irregardless, perhaps he's making his company a bitcoin holding vehicle. He can sell more shares at higher prices to raise capital any time he wishes. I go agree that it's a unique situation and at some point he won't be able to do these debt offerings, but for now, there is plenty of demand for them.