MicroStrategy

In twenty twenty, Michael Saylor faced a problem. MicroStrategy had five hundred million in revenue but the stock traded at twelve dollars. The business hadn't grown in a decade. Most CEOs keep cash safe, earning almost nothing. Saylor had conviction about Bitcoin. He converted the company's balance sheet into an instrument for concentrated leverage. He issued convertible notes at roughly two percent interest. If Bitcoin rises, the notes convert to stock and shareholders own the gains. If Bitcoin falls, the company pays back debt at two percent. The mathematics worked one direction only. The stock moved higher only if the asset beneath it appreciated. Low-cost borrowing bought leveraged exposure to Bitcoin. By twenty twenty-four, MicroStrategy held one hundred and seventy thousand Bitcoin worth over ten billion dollars.