STRATEGY'S BIGGEST PROBLEM MAY NO LONGER BE BITCOIN.... IT MAY BE THE MATH. $MSTR just hit $103, its lowest level in 23 months. The stock is now down 81% from its all-time high, wiping out roughly $153 billion in market value. Strategy holds 847,363 $BTC worth around $53 billion, and they are at a unrealized loss of $11 billion. But the market may be pricing in something else. Strategy's model only works if investors keep funding new Bitcoin purchases. Meanwhile: • $STRC is trading below its $100 par value. • Annual dividend obligations have surged toward $1.7 billion. • Cash reserves are only around $1.4 billion. • Unrealized BTC losses are equal to nearly 29% of the company's market cap. The risk isn't that Bitcoin goes to zero. The risk is that raising fresh capital becomes increasingly expensive. The real question is whether capital markets will keep funding Strategy's Bitcoin bet. 🤔