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"Walking away "
is not just simple or possible because he doesn't own the Bitcoins personally or directly, they belong to a publicly trade corporation.
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The point is that it's not a huge problem if the bitcoin can actually buy back the shares. The treasury company would still have a bunch of bitcoin behind their shares, for whatever shareholders remain.
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Even if the treasury still has Bitcoin, the remaining shareholders see their stock portfolio value decimated.
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That depends on whether bitcoin recovers
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If Bitcoin climbs back above Strategy's average purchase price of $75,651, then their entire crisis is solved.
However, if it continues to drop, the the company's preferred stock structure fundamentally changes the outcome for the remaining shareholders.
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That ignores accretion
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Sure 👍
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Bingo!!
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Possibly. At the rate BTC/USD is going, my guess is no.
Either way, even if he succeeds, it amounts to a maaaassive rugpull of absolututely everyone
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Here's my 30,000 ft question: If he runs the strategy in reverse and buys back distressed shares by selling bitcoin, will he have bitcoin left at the end?
If so, isn't his downside pretty much just walking away with a (probably still huge) stack?