MSTR Stress Test: No Death Spiral, but Bitcoin Per Share Faces Catastrophic Collapse

TLDR: Adam Livingston’s MSTR stress test models a 55% BTC crash to $26,611 with capital markets fully closed. CEBE collapses from 138,161 sats per share to just 7,884 sats as senior claims balloon to 819,073 BTC. Cash runs dry by month nine, forcing Strategy to sell 115,727 BTC to service its senior debt stack. MSTR [...]

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