Is Michael Saylor’s leverage game finally over? Preferred shares have fallen below par value, MNAV is nearing 1, and selling another 3 billion BTC to stop the bleeding—this may even shake even people’s faith.

It was reported by CoinJie World that crypto journalist Laura Shin pointed out that Strategy’s issue lies in the pressure on its capital structure rather than Bitcoin. STRC is about $75, with an implied yield of roughly 15%, common stock is about $85, down about 78% year-to-date, and USD-denominated preferred shares have generally fallen below par. With MNAV close to 1, financing leverage has been impaired, and the mechanism for buying BTC has shifted to raising cash to pay dividends. Zach Pandl, head of research at Grayscale, said that if Strategy sells at least $3 billion worth of BTC to cover most of its cash obligations over the next two years, it may help restore market confidence.