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No, it will be fine. They are playing a long game, which is apt for bitcoin. If bear market were to happen, the only bad thing for MS will be there stock prices will go down. They won’t get liquidated or go bankrupt. As long as bitcoin continues making new all time highs even if takes years, MS marketcap will continue to grow.

Investors in MS are aware of the risks, because they primarily invest in MS because of bitcoin. As long as bitcoin doesn’t go to zero, the strategy will continue to work, I think.

Good explanation. I hope you are right and this won't be the next Titanic.