What’s happening with MSTR right now is like a collapse and more like a slow reality check. when stock was flying, nobody questioned the structure. dilution was ignored, premiums were justified, and every pullback was like an opportunity. as long as Bitcoin kept going up, none of that mattered. now Bitcoin has corrected, premium is gone, and suddenly same details people brushed off are front and center. the stock is down 66%, yet the company still holds around $59B in BTC while trading closer to $46B market cap. nothing magically broke overnight and markets move on mood more than most people want to admit.(Justin Wu)