MicroStrategy's position is deteriorating rapidly. In 4 months:
โ USD reserves is down 60% to $900M
โ Annual div obligations DOUBLED $835M โ $1.65B
โ Reserve coverage shrank 30 months โ 7 months
โ BTC sold: 32 BTC (first since 2022)
โ STRC @ 11.5%, now trading below par at $97.11
Saylor is running out of cash and options
$MSTR still trades at 1.2mNAV which should provide some short-term relief, but with ~$137M in monthly div expense, it's gonna get uncomfortable