Seeler’s $48 billion buffer cushion looks thick, but when the stock price gets smashed to $80, who would still remember the idea of face-value anchoring? The endgame of leverage games is always the same—who can run faster.

Coin World Network reports that Strategy STRC stock has fallen below its $100 par value, facing new pressure and raising questions about the sustainability of Michael Saylor’s Bitcoin financing model. The Bitcoin price is also declining, with trading nearing $63,700. This move has reignited debate over leverage, preferred dividends, and shareholder dilution, and investors are worried the company may be forced to sell some of its Bitcoin to cope with market pressure. Strategy’s stock is designed to trade close to its $100 par value, but recent price volatility has pushed it down to around $80, weakening confidence in the product. In a tweet on June 20, Saylor said that the company’s Bitcoin and dollar reserves exceed about $48 billion in debt; although market confidence in the model is being tested, he believes Bitcoin’s volatility is the main source of pressure.