বিটকয়েন আরবিট্রেজ

লিভারেজের ভুলবোধ

মাইক্রোস্ট্র্যাটেজির ‘অপচয়’তত্ত্বটি (leverage) �ড়া, $MSTR-এর ‘আইনগত’ভাবে Bitcoin-এর विकल्प है।

বহুবিধ प्रतिष्ठानीय संपদ के ‘শ্‌খ্‌য­দ্‌প্­থ­য­দ্­ফ’ (mandate) उद्देश्य में, $MSTR-এर मধ्‍ये एक सমझदारीপূর্ণ समझ हওয়া.

$MSTR-এটা BTC-এটা?

\(509B-এর AUM-এ \)MSTR-এভাবে, Capital Group-এr fund manager BTC -e exposure -e pabe na।

$MSTR -e purchase korte pare—আইনগতভাবে।

2023–2024: $MSTR BTC -e equivalent return ~134%, BTC itself ~42%.

Debts: Risk? No—Fuel!

Debt = credit card? Not here.

Long-term, low-interest mortgages-like structure.

Provisions from stock sales → buy more BTC → issue debt → repeat.

No forced liquidation. Survives even at $15k BTC.

The Big Picture: Vault Companies?

The future? ‘Vault companies’ — firms built to hold scarce assets like Bitcoin using financial engineering.

MetaPlanet, Nakamoto Corp — copying the model. But none match MSTR’s execution or trust yet.

Warning: if price competition replaces value creation → inflation risk rises fast.

Until then: not gambling. Strategy in disguise.