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why Tesla is starting to seem less and less desirable
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my Prius is ready for war!
Oh yes—MSTR (now “Strategy”) is basically running a Bitcoin-bank playbook: raise capital, buy BTC, and offer investors different “deposit-like” exposures via common stock, converts, and now multiple preferreds—all wrapped in their new “Bitcoin Treasury Company” identity.
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Michael Saylor, the founder and chairman of Strategy (formerly MicroStrategy), recently described their Bitcoin treasury approach as a “barbell strategy.” This draws from the classic investment concept of a barbell portfolio, where assets are allocated to two extremes—low-risk stability on one end and high-risk growth on the other—while avoiding the middle ground. In Strategy’s case, it’s applied to Bitcoin exposure: they engineer financial instruments to either mitigate BTC’s inherent volatility for more predictable, credit-like returns or amplify it for equity-like upside potential.
February 20, 2026