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📉 Conclude
Strategy's biggest challenge right now isn't debt, but the loss of its ability to effectively raise capital to buy more Bitcoin.
With mNAV falling to near 1x, the market is no longer willing to pay the high premium for MSTR as before. This makes issuing more shares to buy bitcoin:native much less efficient.
Meanwhile, preferred products like $STRC, $SRF, and $STRK are trading below or near par value, indicating that investors are starting to demand higher yields to fund Strategy.
Personally, I believe the biggest risk to Bitcoin isn't Strategy becoming a seller, but that Strategy is no longer the strongest buyer in the market.