MicroStrategy's mNAV has officially dropped below 1, which basically means the market thinks MicroStrategy's BTC can't be sold As for preferred shares, just keep an eye on STRC. This one issued $10.5 billion, accounting for 70% of the total, with $1 billion in dividends to be issued monthly. If they default, it will compound with interest. In this situation, if MicroStrategy still uses an ATM offering to issue more shares for financing and debt repayment, it will fall into a death spiral And the conversion price for MicroStrategy's next $1 billion convertible bond is $183.19, which is $100 higher than the current stock price If the stock price doesn't go up by maturity, investors will demand cash repayment, and this debt could trigger liquidation