A recent market downturn has raised questions about Michael Saylor’s strategy at publicly traded firm, MicroStrategy, and its reliance on leveraged Bitcoin exposure. While criticisms of the company’s approach intensify, Arca CIO Jeff Dorman argues that these concerns are misrepresenting Strategy’s actual risk profile. He challenges claims that forced liquidation of Bitcoin is a potential outcome for Saylor’s strategy. Dorman highlights key aspects such as Saylor’s 42% ownership stake, lacking covenants, and the firm’s strong cash flow from its legacy software business, which he says supports interest payments. This addresses concerns about debt structure and vulnerability to market volatility.