📉 @MicroStrategy's enterprise mNAV has fallen below 1. With the stock declining to around $82, roughly 85% below its November 2024 all-time high, the company's enterprise value has dropped to $50.4B. Meanwhile, its $BTC holdings are worth about $51.1B at a #Bitcoin# price of $60,000. In other words, the market is now valuing the entire enterprise at less than the value of the $BTC it holds. At these levels, issuing new shares would become dilutive, as the company would effectively be selling equity at a valuation below the value of its underlying assets, analysts note.

🚨 MicroStrategy just made a $1.5B move. But it wasn’t a Bitcoin buy. Michael Saylor: “This week we bought bonds not bitcoin. The BitVac is charging.” No BTC was sold. Strategy still holds 843,738 BTC.

Stablecoin protocols tapping into @MicroStrategy's STRC’s yield are seeing explosive growth. TVL across these strategies has increased 2.5x over the past month, making them one of the fastest growing segments in DeFi right now. This growth is tracking closely with STRC itself, whose market cap has risen 73% from $4.9B to $8.5B over the same period, signaling strong demand for Saylor’s latest product across multiple market participants. @apyx_fi and @saturn_credit are the primary beneficiaries so far. What makes this strategy particularly compelling is its scalability. STRC consistently sees $100M–$250M in daily trading volume, allowing these protocols to efficiently scale exposure in response to deposits and redemptions without major liquidity constraints. With the right risk safeguards in place, the next phase of this trade is likely to be looping yield-bearing stablecoins. PTs on these assets are currently offering 16% and 13% yields respectively, and importantly, these yields are sustainable even as TVL grows. Early signs of demand are already visible, with Morpho’s listing of PT-apyUSD reaching $23.2M supplied within just 10 days. Looking ahead, the key metrics to watch are continued TVL growth and capital efficiency across these strategies. Secondary beneficiaries are @pendle_fi and @Morpho, which are becoming the primary venues for structuring and leveraging these trades.

🚨EVERYONE IS MISSING THE REAL MICROSTRATEGY RISK! I see a lot of flawed opinions about the MSTR risks. People talking about how Saylor may be forced to sell Bitcoin to pay the dividend. This is a risk. But if it did happen it would be controlled selling and they could even postpone the dividends. THE REAL RISK IS FORCED SELLING AND THAT'S WHAT I'VE BEEN WARNING ABOUT! One single entity now owns 4% of the Bitcoin supply on paper. In reality they own about 6% of the real supply if you take into account Satoshi/Lost coins. If at any point that single point of failure gets taken down by regulators for any reason - THEY COLD BE FORCED TO SELL LARGE AMOUNTS QUICKLY. Yesterday we saw one such lawsuit where Strategy may be challenged for misrepresentation got a lawsuit. Whereas I don't believe this one will stick, it does highlight the REAL risk. One lawsuit, one successful regulator challenge and you may have a FORCED seller that holds 6% of the supply. Ive taken this up with Saylor and he just brushed it off! This is the biggest risk to Bitcoin in the short term IMO!

Pio says there’s ONE reason MicroStrategy isn’t a Ponzi "They say this over and over again. And I don't understand why people can't grasp this. The difference between a Ponzi is, you give me $100, I turn around and take your $100 that you just gave me, that I told you I was going to invest, and I give it to a lady that gave me $50, and I said, 'You just 2X'd.' That's a Ponzi" "There's no base, the money's just moving around" "These companies own a buttload of Bitcoin. $MSTR owns 820,000 Bitcoin, 85% outright"

Four new bStocks are now live on Lista. MicroStrategy ($MSTRB), Intel ($INTCB), iShares MSCI South Korea ETF ($EWYB), and AMD ($AMDB) are now available as collateral on Lista Lending. Borrow U, USDT and USD1 against them!

Levered crypto plays are getting crushed: The 2x leveraged long MicroStrategy ETFs, $MSTX, and $MSTU, are both down -82% year-to-date, trading at their lowest levels since their 2024 debuts. At the same time, the 2x leveraged long MicroStrategy ETF, $MSTP, is down -81%, also at its lowest since its June 2025 launch. This comes as MicroStrategy, $MSTR, has dropped -46% year-to-date, down to its lowest level since February 2024. Last week alone, $MSTX, $MSTU, and $MSTP nearly halved in value, as $MSTR declined -27%. Meanwhile, both long and short leveraged ETFs tied to MicroStrategy that launched in 2024 are down more than -90% since inception, even as billions of dollars have flowed into the funds. Leverage is magnifying losses across the crypto market.