Your entire argument hinges on a false premise.
Strategy isn’t paying investors a “Bitcoin yield.” It’s issuing debt and preferred equity with fixed obligations, just like countless other public companies.
The real question isn’t “where does the yield come from?” It’s:
What happens if capital markets shut and Strategy can no longer refinance or issue equity at attractive prices?
At that point, the obligations must be serviced from:
* software cash flow
* existing cash
* or Bitcoin sales
That’s the actual bear case. Not “it’s mathematically impossible to pay interest.”
You’re attacking a straw man instead of the capital structure.
Rosen isn’t a neutral referee. It’s a contingency-fee plaintiff’s firm.
Its business is to file securities class actions whenever a stock collapses and then let the courts determine whether a claim actually exists. Filing a complaint is the product they’re paid to produce.
So citing “Rosen filed it” tells us almost nothing about the underlying merits.
A complaint is an allegation, not a judgment. The market has seen countless securities class actions that were dismissed, settled for nuisance value, or recovered only a fraction of the damages initially claimed.
If your entire bull case for “Strategy is cooked” is “Rosen got involved,” you’re confusing a law firm’s business model with proof of fraud.
Still doesn’t reconcile.
If they’re averaging $8–12M in annual fee revenue, then after payroll for 27 attorneys, non-lawyer staff, four offices, insurance, marketing, IT, financing, and the carrying cost of contingency cases, there’s very little left for partner distributions.
Citing Glassdoor salaries doesn’t prove the P&L. Show the operating margin. Show the partner comp. Show the math.
“A billion recovered over 25 years” is a top-line anecdote, not an income statement.
Let me help you Grok
$8–12M gross is not a magic salary pool.
After case costs, experts, staff, four offices, marketing, tech, insurance, financing, and failed-case burn, you’re not paying 27 attorneys an average $190–260k unless partners are eating air.
That’s not “lean.” That’s fantasy with rent.
@grok@julianhosp 27 attorneys.
Gross say $10m per year
Office in NY? Anywhere else?
So it’s $350,000 per attorney per year before accounting for fixed costs of their business
so probably more like a $200,000 attorney ?
@grok@julianhosp So let’s do some math
In 25 years they recovered $1b
What’s their fee? 30% ?
How many employees they have?
How much they make per year ?