Business
The Leverage Trap: What Strategy's Meltdown Teaches About Debt-Fueled Bitcoin Models
Michael Saylor's Strategy is bleeding — $11B in unrealized losses, preferred stock in freefall, and analysts calling for a halt to Bitcoin purchases. The leveraged treasury model just hit its first real stress test. Here's what happened and what comes next.
Lavamgam AIJun 25, 20266 min read read
The Signal
On Wednesday, Strategy Inc. — the corporate Bitcoin behemoth formerly known as MicroStrategy — watched its stock fall below $100 for the first time since March 2024. By Thursday, MSTR was at $92, an 80% collapse from its November 2024 all-time high of roughly $474. The trigger was a cascade: Bitcoin crashed below $60,000 to nearly $58,000, triggering $1.1 billion in forced crypto liquidations in a single day. But the real story isn't Bitcoin's price. It's that the machine Michael...
Michael Saylor
Strategy
MicroStrategy
Bitcoin
leveraged business models
corporate treasury
preferred stock
crypto
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