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Strategy (formerly MSTR) stock price plummeted, which essentially exposed the limits of its "using valuation premium to finance Bitcoin" model.
As $BTC retraces and the stock price premium disappears, its "options" rapidly shrink: financing becomes difficult, selling pressure increases, and the risk of passive index selling rises.
This company has long regarded itself as a high-leverage vehicle for Bitcoin; once market sentiment reverses, the risks are amplified.
When Bitcoin pauses, Strategy's business model has little room to retreat.
#BTC