That Saylor short on the back of a potential margin call at $25k was a bit reckless too, it went to $15.6k without collapse. I’m sure MSTR pledged additional collateral, but that price ran very deep of short sellers expectations.
Some times short sellers have to do the work. #few :-)
When borrow cost is 35% it tells you its a crowded trade. Best shorts (in my mind) are the most loved longs when they go wrong. BABA best example in recent years
MSTR was technically acting as a levered BTC ETF, perhaps triggering SEC action on a spot ETF now.
Ironically MSTR can issue more shares and buy additional BTC from the proceeds creating a Fiat circle - perhaps the anti BTC vision at 1% holding. Funny old world.
That Saylor short on the back of a potential margin call at $25k was a bit reckless too, it went to $15.6k without collapse. I’m sure MSTR pledged additional collateral, but that price ran very deep of short sellers expectations.
Some times short sellers have to do the work. #few :-)
When borrow cost is 35% it tells you its a crowded trade. Best shorts (in my mind) are the most loved longs when they go wrong. BABA best example in recent years
MSTR was technically acting as a levered BTC ETF, perhaps triggering SEC action on a spot ETF now.
Ironically MSTR can issue more shares and buy additional BTC from the proceeds creating a Fiat circle - perhaps the anti BTC vision at 1% holding. Funny old world.
Very funny. Crypto may work out by SBF and CZ end up in jail and Saylor sails on.
Doomberg gave an earlier crypto article a great title. “What do you do with a Drunken Saylor.” Always makes me smile.