It's official.
MicroStrategy, $MSTR, is now facing its biggest unrealized loss in history, at -$10.8 billion.
In other words, after 6 years of buying Bitcoin, the company is now down -17% on its position.
By comparison, the S&P 500 is up +116% over this same timeframe.
Since MicroStrategy sold 32 Bitcoin at $77,135 per coin, their positions has lost -$11.8 billion in value.
This puts MicroStrategy's stock, $MSTR, down -77% since its record high.
Bear market is an understatement.
If Strategy sells MSTR to pay the dividend, it's a ponzi.
If Strategy sells Bitcoin to pay the dividend, it's a death spiral.
If Strategy sells STRC to buy Bitcoin, the common stockholders are being "diluted".
If Strategy uses the USD reserve to pay off the debt, it's a "fatal error".
At some point you have to realize the bear thesis has become a Choose Your Own Adventure book for people who hate the ending.