Bitcoin News Today: MicroStrategy's Bitcoin Gamble: Forced Sales Loom as Stock-Price Gap Narrows

- MicroStrategy's $8.2B debt-funded

accumulation made it the largest corporate holder, but its $1.4B cash reserve contrasts with a $45B stock valuation.

- The company's market cap briefly fell below its Bitcoin-adjusted net asset value, exposing risks in Saylor's leveraged "digital gold" strategy.

- With Bitcoin down 31% to $85,500 and mNAV at 1.13, analysts warn forced sales could trigger a self-reinforcing crypto fire sale to cover high-yield preferred dividends.

- MSCI's potential index exclusion of crypto-heavy firms threatens $2.8B in outflows, compounding liquidity strains as Bitcoin volatility undermines dividend sustainability.