It's quite simple: - There is no threshold level on BTC that suddenly puts $MSTR in much greater difficulty than before. - But the lower the price of BTC goes (and stays there), the harsher it gets for MSTR, in a mostly linear way It's not rocket science and there's no big secret: all the metrics about Strategy are completely transparent and clearly displayed on their website. It's not complicated to see how they could suffer... The credit risk is definitely overblown in the sense that people think there's a realistic scenario that could kill MSTR in the near future: that's just plain wrong. Is there a scenario that can inflict a lot of pain on MSTR? Absolutely, but that scenario is essentially a long and slow suffocation through BTC price bleeding for a long time.

Another thing worth noticing is that after literally 6 months of steady underperformance vs BTC, $MSTR is now ranging vs BTC, and the MSTR/IBIT ratio even bounced recently Talk is cheap, ignore the Twitter sensationalism, and check actual prices to know how panicked people are