"Strategy is by far the most successful corporate Bitcoin holder on Earth, sitting on a $55 billion reserve. And it is structurally a forced seller the moment Bitcoin stays low enough for long enough."

… Third, TD Cowan still has a buy rating with a $400 price target, arguing the death spiral narrative is wildly premature. And fourth, the debt is longdated. There's no margin call cliff next week, and the company still has over 25 billion in authorized stock issuance capacity in reserve. So, this really could go either way. Strategy is by far the most successful corporate Bitcoin holder on Earth, sitting on a $55 billion reserve. And it is structurally a forced seller the moment Bitcoin stays low enough for long enough. The very things that made Strategy and its imitators so attractive on the way up, the leverage, the premium, the flywheel, are precisely what make them dangerous on the way down. These companies acted as an amplifier for market volatility, which is obviously a double-edged sword. Strategy, meanwhile, holds roughly 4% of all Bitcoin in existence. I …