[Analysis: Michael Saylor's Preferred Stock Financing Model May Push Strategy into a 'Death Spiral'] Deep Tide TechFlow reports that on June 9, *Fortune* magazine published an analysis pointing out that although Bitcoin's recent decline has weakened Strategy's (MSTR) stock price, the company's current market value still carries about a 31% premium over its underlying net asset value. The analysis suggests that this premium stems from the market's past recognition of Michael Saylor's 'Bitcoin Appreciation Flywheel' model. However, as this model loses effectiveness, the associated premium faces further compression risks. According to calculations, Strategy currently holds approximately 844,000 Bitcoins, valued at about $51.1 billion based on a price of $60,500 per Bitcoin. Including its software business and cash assets, the company's total assets amount to approximately $53.6 billion. After deducting liabilities such as $6.7 billion in convertible bonds and $15.5 billion in preferred stock, the net assets attributable to common shareholders are approximately $31.8 billion. However, as of June 5, the company's market value still reached $41.6 billion, about $10 billion higher than its net assets. The analysis suggests that to cover the growing preferred stock dividends, Strategy may need to continuously issue more preferred stock or even sell part of its Bitcoin holdings in the future. This could create a negative cycle of 'issuing preferred stock—paying dividends—further financing,' commonly referred to as a 'Death Spiral.'