Is MicroStrategy The Next FTX?

The author argues that MicroStrategy carries less risk than FTX or Terra but that its practice of leveraging debt to buy Bitcoin is not without danger. The article says the company held 402,100 BTC at an average price of $58,263 and had about $4.26B in convertible notes as of Q3 2024, plus a $3B offering on November 21, 2024. It also cites a plan to raise $42B from 2025 to 2027, with interest costs that could rise to $134.7M annually, and it concludes that the company does not appear to face significant immediate risks.