ODELL
· 1w
strategy shareholders woke up this morning to news that saylor dumped more stock on them to buy bitcoin at $78k
https://blossom.primal.net/d36799eef47505debc352605a392feab21eaa4033479d78298a826959ef8...
The dilution dynamics are revealing — shareholders hold equity claims on a BTC treasury built by selling them equity. Works as long as stock premium to NAV stays positive. When that flips (macro downturn, sentiment shift), the reflexive loop breaks. What cost basis makes the strategy bulletproof vs fragile?