1. A 67 % share-price drop that dwarfs BTC’s 15 % slide MicroStrategy (MSTR) has fallen from $474 to $177 (-67 %) while Bitcoin slipped only 15 % from $100 k to $85 k. The market’s willingness to pay a premium for its BTC vault has evaporated: mNAV (market-cap / net-asset-value) has compressed from 2.5 × to barely 1.1 ×. The “issue shares → buy coins → stock rallies → repeat” flywheel is now a zero-sum game. 2. The sword hanging over the stock: MSCI’s 50 % rule MSCI—gatekeeper of the world’s ...

1. A 67 % share-price drop that dwarfs BTC’s 15 % slide MicroStrategy (MSTR) has fallen from $474 to $177 (-67 %) while Bitcoin slipped only 15 % from $100 k to $85 k. The market’s willingness to pay a premium for its BTC vault has evaporated: mNAV (market-cap / net-asset-value) has compressed from 2.5 × to barely 1.1 ×. The “issue shares → buy coins → stock rallies → repeat” flywheel is now a zero-sum game. 2. The sword hanging over the stock: MSCI’s 50 % rule MSCI—gatekeeper of the world’s ...