On the bright side: if Bitcoin surges, MSTR's stock price will rebound, STRC's yield will attract buyers again, and the entire flywheel will spin rapidly again. However, if a structure must rely on diluting equity, increasing dividends, or selling Bitcoin to maintain investor trust, then it has actually lost its former luster.

On the dark side: Although Strategy has bought itself some breathing room through additional issuance and purchasing more Bitcoin, the dividend bill is compounding. The most obvious self-rescue method is actually "stop buying and save up some cash," but this would undoubtedly kill the only engine that sustains the entire company's story.