TechFlow news, on December 24, according to Business Insider, Steve Sosnick, Chief Strategist at Interactive Brokers, pointed out that MicroStrategy is currently in a "self-fulfilling feedback loop": by issuing convertible bonds to purchase Bitcoin, thereby driving up its price, and then issuing more bonds to expand its investment. Although the company currently has an unrealized gain of approximately $41 billion, this strategy carries significant risks given the instability of its core software business earnings and the fact that its convertible bond liabilities have exceeded $7 billion. Sosnick emphasized that such investment models are often difficult to sustain, with the key question being when the turning point will occur.
However, Anthony Scaramucci, founder of hedge fund SkyBridge Capital, believes MicroStrategy's debt structure consists primarily of long-term debt managed through a rolling issuance approach, making its investment strategy sustainable unless there is a systemic collapse in the Bitcoin market lasting 6–7 years.
