Strive exec: MicroStrategy's BTC strategy is structurally different from Terra's

Joe Burnett, a vice president at the Nasdaq-listed Strive (ASST), argued on X that MicroStrategy's (MSTR) Bitcoin treasury strategy is structurally different from the case of Terra's collapse. He explained that just before its failure, Terra had approximately $18.7 billion in UST in circulation, which was immediately redeemable, but was backed by only about $3.1 billion in BTC reserves. In contrast, Burnett stated that MicroStrategy currently holds about $51.5 billion in BTC against approximately $10.5 billion in liabilities, which are not structured for immediate redemption. He concluded that because the two cases are structurally completely different, a simple comparison is inappropriate.