$MSTR

People also thought $MSTR was dead in January of 2024 when the BTC ETF’s launched. “mNAV” fell below 1, “flywheel was broken” Strategy proceeded to go on and acquire 655,256 Bitcoin since then. $8B in capital > $52B in capital. The strategy is refined, leverage is lower, the balance sheet is 6.5x larger, the dividends are being paid, capital machine is working just fine. Excess Bitcoin risk is being pooled and shared in the capital markets, priced in real time, with TRANSPARENT balance sheets & frequent SEC filings. STRC is not a stablecoin, it is a credit instrument. “Depegged” is not a thing, liquidation doesn’t exist, and margin is not calling. The balance sheet is very healthy. Bewilderment will continue, until morale improves.