I mean it’s pretty obvious to me what happened. Nasdaq threatened to delist Strategy because Bitcoin was 77% of their company. They can not be more than 55% to be listed on the Nasdaq. Thus they are/were a treasury company.
Bitcoin tanked hard and fast after that news from 103k to 81k.
MSTR on the Sep 30, 2025 10Q had 640,031 bitcoins, or a “carrying value” of $73 billion.
They have $15.5 billion in debt including 8.1 billion in debt in convertible notes. All of their income from the past 9 months was attributed to basically deferred taxes.
So basically if Strategy were to want to maintain Nasdaq compliance, bear minimum, they would have to dump 422k Bitcoins worth $42.2 billion.
To me, that explains EVERYTHING, perfectly.
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