I don’t think saylor is risking much in relative terms he was cash rich but the company wasn’t doing anything with it and he did the math on stock but backs and it still wasn’t a good enough return
He was getting punished for having a strong balance sheet so it was really the only trade that made sense for his companies unique situation but it was well done! The way he bought in gives him a buffer against atleast a 10% downturn in price and he has a whole lot of potential upside to go
His company still kicks off 30 mil a year so even if it goes to zero they’ll be fine! Now if BTC let’s say doubles in the next few years he can use that balance sheet take out debt capture his competitors up stream and downstream and then service the debt with his new revenue streams