Lot of good points in there. Regarding Jack doing what Michael did... he doesn't have to go all in. As I mentioned in the post, they have roughly $10 billion combined in cash and if he just put $500 million (a similar amount to MSTR), it would only represent 5% of their total cash reserves. Seems well worth the risk and doesn't eat up their cash if everyone's wrong about bitcoin.

I do agree that it convolutes things in case of a merger or acquisition, or even valuing the company. But the bottom line is if the move adds value (or at least keeps them from losing value in the case of inflation) it seems like a prudent move to make irregardless of the valuation problems.