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Examining the Best Investment Product Ever Made

Todd Feldman & Chris Yost-Bremm

The Journal of Alternative Investments2026https://doi.org/10.3905/jai.2026.1.264article
AJG 2ABDC B
Weight
0.50

What the paper says

This article examines MicroStrategy’s unconventional approach to corporate finance—issuing equity and zero-coupon convertible debt and issuing shares to accumulate Bitcoin. Using historical data and expanded Monte Carlo simulations, the authors estimate the probability of Bitcoin’s price declining below critical levels over a typical five- to seven-year debt-maturity window. Results show that the strategy remains solvent except under extreme structural breaks in Bitcoin’s long-term growth. Dilution, rather than insolvency, emerges as the primary equity holder risk. Comparative analysis versus crypto-fund benchmarks demonstrates that MicroStrategy’s stock exhibits the risk-adjusted return profile of a moderately leveraged digital-asset fund. Broader adoption of this model could reshape corporate treasury management, influence monetary policy, and accelerate the integration of digital assets into conventional finance.

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https://doi.org/https://doi.org/10.3905/jai.2026.1.264

Or copy a formatted citation

@article{todd2026,
  title        = {{Examining the Best Investment Product Ever Made}},
  author       = {Todd Feldman & Chris Yost-Bremm},
  journal      = {The Journal of Alternative Investments},
  year         = {2026},
  doi          = {https://doi.org/https://doi.org/10.3905/jai.2026.1.264},
}

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Examining the Best Investment Product Ever Made

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Evidence weight

0.50

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.50 × 0.4 = 0.20
M · momentum0.50 × 0.15 = 0.07
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.