Is Microstrategy the next FTX ?

The author argues that MicroStrategy carries less risk than FTX or Terra but that its practice of using debt to buy Bitcoin is not without danger, and concludes that the company does not appear to face significant immediate risks. The article says MicroStrategy holds 402,100 BTC bought at an average price of $58,263 and has about $7.3B in total debt, with an average interest rate of 0.476% and roughly $34.6M in annual interest payments. It notes that the company plans to raise $42B from 2025 to 2027, and that fundraising depends on Bitcoin volatility and price, with a possible bear market around 2026–2027 flagged as a risk.