How can Microstrategy borrow billions at 0% to continue buying bitcoin and what does this reveal about market players’ expectations.

It’s been a wild ride lately for Michael Saylor, executive chairman of MicroStrategy, once a software company but now really a leveraged play on Bitcoin. The numbers are mind-boggling. Shares of MicroStrategy have soared 459% year to date (versus 26% for the S&P 500),

Since 2020, Saylor has leveraged his publicly traded company to amass over $14 billion in paper profits by buying more than $30 billion worth of Bitcoin, positioning MicroStrategy as the largest corporate holder of the cryptocurrency. It’s a strategy that has drawn admiration from Bitcoin maximalists and skepticism from traditional investors alike.