The one metric investors are overlooking in Michael Saylor’s Strategy

What Happened

MicroStrategy, holding 766,970 BTC, faces overlooked amplification risk as investors focus on bitcoin price and net asset value premium. Amplification—comparing total debt and preferred stock to bitcoin holdings—currently stands at 33%. Rising amplification increases common stock sensitivity to bitcoin movements. Convertible debt totals $8.25 billion; preferred stocks $10.3 billion. STRC preferred shares now trade 50% of MSTR volume weekly, complicating amplification management without equity issuance.

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