"So if strategies MNAV stays meaningfully below 1x, the flywheel cannot restart full stop."

… Strategy, meanwhile, holds roughly 4% of all Bitcoin in existence. If it's ever pushed to sell in size into a market where trading volume has already collapsed by nearly half, it doesn't just take a loss, it becomes the market. And every other treasury company, all 195 of them holding 1.24 to 4 million BTC between them will feel it at once. So if strategies MNAV stays meaningfully below 1x, the flywheel cannot restart full stop. If that 6 and a bit month cash runway shrinks without fresh capital, force selling to cover those STRC dividends becomes a lot more likely. In terms of price, $60,000 is widely cited as the existential line where capital markets effectively close for these firms. Galaxy's Alex Thorne even floats a panic scenario down at 40 to $46,000. Let's hope i …