Fun fact: IBIT, BlackRock's iShares Bitcoin Trust ETF, holds about $21billion USD worth of Bitcoin. (Around 360k BTC)
How much is an IBIT share? $36 as I write. What's the market cap though? A whopping $137.58 Billion USD.
That's a lot of gap to fill, right? How is it even possible that they basically sold ETFs worth 6 times more than their BTC holdings? How is this legal? Why is this not being questioned?
The answer is: This is how they make money. They have 0 interest in the future of Bitcoin. They just need to sell their ETF. In fact, they are so infamous of making something out of thin air, add a invisible value and make people invest. They are the masters of this art, which is the reason why every Futures market has a bigger market cap than the underlying assets.
Which leads to a massive bubble and causes an economic crisis, but then they also anticipate that and short the market. Remember 2008? This was caused by Wall Street creating value from nothing.
MicroStrategy implements similar tactics. They sell bonds to pay off previous bonds, and use leftover cash to buy BTC which they use to overvalue their company, a company that actually does nothing.... Did you know they are on paper some software development firm?
And then they sell more bonds and repeat... It's debt to pay off debt to make even more debt... And the ticking bombshell will be dropped on the investors, not the company board memebers.
Ever wondered how much Michael Saylor and his minions pay themselves each year for buying BTC? Google it, surprisingly the info is public.