The real story with Strategy isn't a margin call, it's that buying Bitcoin is now only one of the many things it has to manage "Strategy is not facing an automatic Bitcoin margin call or the imminent liquidation of its treasury. The significance is much subtler. Even the company that created the model has entered a new and more complicated phase" "Strategy is no longer simply raising dollars to buy Bitcoin. It's issuing common and preferred securities, holding billions of dollars, paying dividends, servicing debt, managing liquidity, considering repurchases" "And selling Bitcoin when management believes that is less damaging than issuing more securities. That may be entirely rational"