Your balance sheet is either cash, which can evaporate overnight due to rampant inflation which many economists are predicting, or you can convert some or all of that to BTC. As a company, you need to manage your cash. Companies invest their balance sheet in debt, money markets, etc. That doesn’t imply that you are somehow a fund. You have no choice but to manage your cash. I recommend just reading Michael Saylor’s posts or listen to this podcast which provides a good summary of their thinking: https://open.spotify.com/episode/1VwUjvMNeoOeyiQwP3im6G?si=z...
Bitcoin has had a 50% drop two times in the last three years. No matter how bullish you are on its long-term prospects, it can't possibly be seen as a stable store of value in the short term.
At this point they are effectively staked their entire success to BTC. They aren’t just putting cash into BTC they are taking on additional debt to buy BTC.
If you had a strong core business anyway you wouldn’t do this, it’s just a sign that their core business is failing and that pivoting to a Bitcoin investment company is a Hail Mary.
The question is why a company doing < $500mm in annual revenue is holding $4B in cash. That's really the only question. It doesn't matter whether it's crypto or real estate or USD. The question is why it's holding so many excess assets at all.
