MSTR is in good standings with reasonable asset to liability ratios and the leverage is indeed underleveraged according to some. This is from a month ago but relevant:



So basically BTC would need to dump below $15k to see real stress for MSTR, and they would still have ways to manage that. Yields for STRK would be adjusted to the situation. Converts have good timing and have enough time for BTC to run to get to the target goals. I think eventually the FED will cut rates and even go back to ZIRP, this may cause some turbulence but here MSTR will be able to get more debt at even cheaper rates. I wonder if we will see 0%'s again. And we will see BTC run bigly after that as it is the ultimate liquidity sponge. MSTR just must survive the turbulent times and in the end it will outperform every stock again.