I have no idea. I'm not smart enough to comprehend Saylor's financial ju-jitsu.
That said, you may be interested in this on-going series which is evaluating the MSTR stock in fine detail (3 hours thus far): https://www.youtube.com/@Quant_Bros
Personally I find the whole thing incredibly funny. Saylor is launching a speculative attack and getting fabulously rich in the process, while pissing off both the fiat-bros and ardent maxis simultaneously.
(he's raising yet another $500M as I type this lmao)