This is why BTC is nuking: For the FIRST TIME EVER @MicroStrategy has gone below 1 NAV. Meaning that Saylor's BTC holdings are worth less than their total debt. Traders are front-running the death spiral of $MSTR and its eventual BTC force selling.

@MicroStrategy Their debt has long maturities (2027-2032), not margin loans, but eventually they will be forced to sell their BTC if they can't make interest payments. Saylor now has to hope BTC recovers before bonds mature.. otherwise he's COOKED.

@MicroStrategy It's clear that too many people are completely misinformed about Strategy and fell for Saylor's propaganda.. I wonder how this will end. FYI I've spent 100s of hours studying their model over the past few years. You do not know this better than me.

@MicroStrategy muh "STRATEGY ONLY HAS $8B OF DEBT!!" Use your fucking head. They accumulated $75b worth of BTC with only $8b??? The debt isn't just the bonds, it's buried in the share count.