In this episode of MacroMatrix, Ethan sits down with senior financial analyst Tracy to unpack the high-stakes strategy behind MicroStrategy (MSTR) and its aggressive Bitcoin-centric capital structure. From convertible debt and equity issuance to volatility, regulatory risks, and potential forced liquidations, Tracy explores how MSTR has become a high-beta proxy for Bitcoin. The episode dives deep into the risks and rewards of investing in MSTR—how it amplifies both crypto market gains and losses—and contrasts MSTR stock and bonds with direct Bitcoin ownership. Whether you're a crypto enthusiast or cautious investor, this is a comprehensive look at one of the market’s most polarizing equity plays.