MicroStrategy’s mNAV premium falls to 1.04x, erasing valuation buffer. Focus now on whether capital markets will continue to fund Bitcoin leverage. Market cap does not reflect $63B BTC holdings. Some see compressed premium as buying opportunity. Shift to yield-driven Bitcoin accumulator model with 11% dividend. Unrealized losses of $17.44B on digital assets in Q4 2025. Underperformance compared to Bitcoin. Debate on equity issuance and dilution risk. Can Strategy function without speculative premiums? Bull case relies on Bitcoin appreciation, dollar debasement, and interest rate cuts. Bear case warns of stall without renewed capital market appetite. Live stress test for leveraged Bitcoin exposure.

Read more at Yahoo Finance: Will Capital Markets Continue Funding MicroStrategy’s Bitcoin Experiment Without a Premium Cushion?