MSTR stress test: no death spiral, but BTC per share collapses 94%

Adam Livingston ran a three-year stress test on MicroStrategy (MSTR) under a worst-case scenario: BTC falls to $26,611 by month six, mNAV drops below 0.50x, capital markets close, and the company is forced to sell BTC to service senior debt. Under those assumptions, the claim ratio rises from 41.5%…