Saylor was once idolized because of the positive feedback loop: buy BTC → stock price goes up → lower financing costs → buy more BTC. Now this spiral has completely reversed. The more BTC drops, the more expensive the financing tools become, and the more the market worries he won’t hold up. Let’s be real, preferred shares dropping to around $50 is no less of a shock to holders than a liquidation. They’re in it for the yield, not the faith. Saylor seems to have a lot of cards to play, but every single one comes at a cost: ATM dilution, raising dividend rates, buying back preferred shares—all of these are draining the company’s most precious resources: cash and narrative. If BTC doesn’t bounce back sharply in the short term this time, it’s not just a simple case of history repeating itself. It’s the backlash of the leveraged narrative. All the holes that were once covered up by BTC’s rise will have to be filled one by one.