It will be interesting to see how things go. It's a risky plan but I do think that the BTC does have value even if the stock amount increases. Although, I wonder if people would be able to cash out their stock without risking the price of BTC dropping when they need the funds.
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While stock's price is directly linked to MicroStrategy's btc holdings, I don't think there is a direct link to bitcoin's price when $MSTR is sold or bought. I think influence price is only on bitcoin's side. $MSTR is not an ETF, and this actually makes them more interesting for some investors.