The MSTR Trap: Why Bitcoin’s Drop Could Trigger a Liquidity and mNAV Death Spiral
1. Who is MSTR? Strategy Inc. (MSTR), formerly MicroStrategy, has transformed from a conventional enterprise software firm into the world’s largest publicly traded corporate holder of Bitcoin. Led by Executive Chairman Michael Saylor, the company has pioneered a highly aggressive and leveraged corporate treasury strategy, effectively functioning as a leveraged Bitcoin proxy; a structure unique…
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