MicroStrategy’s Bitcoin Premium Shrinks: Is Saylor’s BTC Treasury Flywheel Running Out of Power?

TLDR: MicroStrategy’s Bitcoin premium dropped from 3.4x to 1.58x, showing fading demand for its leveraged exposure. A 20% Bitcoin price decline could trigger a 46.5% MicroStrategy stock drop if mNAV falls to parity. Market shifts raised fears of a potential “death spiral” from diluted share issuance tied to Bitcoin volatility. Ethereum DAT treasuries, with $27B [...]

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