Arca CIO: Strategy doesn't need to sell BTC at all

Jeff Dorman, Arca's chief investment officer, wrote this morning: "I've been debunking misconceptions about Strategy (MSTR) for years, but every time BTC falls, the same nonsense comes up again - some will say that MSTR will be forced to sell BTC, or that its position will be liquidated as if it were some kind of leveraged perpetual contract... Anyone who takes less than five minutes to consult any debt or equity expert will understand that unless BTC falls to the point where MSTR's selling has become insignificant, MSTR doesn't need to sell BTC at all."
Dorman added that the main reasons why MSTR does not need to sell BTC are as follows: 1. Given that Saylor holds a 42% stake, it is almost impossible for an activist investor to control the board; 2. There is no agreement to force a sale in the terms of the debt; 3. Interest expenses are manageable (don't forget that its core technology business still generates positive cash flow); 4. Few companies default when their debt comes due (investors are like a herd, almost always choose to roll over the debt - solve the problem with delay).