Saylor is panicking. Strategy's mNAV has dropped below 1 for the first time. This means the market is no longer willing to pay a premium for Saylor's leveraged strategy—the company's market cap is now lower than the value of the BTC it holds on its balance sheet. The stock price has retraced over 80% from its peak in November 2024 to now. Saylor's response is straightforward: high-yield instruments + large-scale buybacks launched simultaneously, with annualized dividends pushed directly above 10%, effective July 1. Nearly a million BTC in hand is his trump card. But here's the issue: using high yields and buybacks to prop up mNAV addresses valuation, not BTC's price itself. As long as BTC continues to trade sideways or trend downward, this narrative will keep repeating itself. The real deciding factor isn't Saylor's buyback pace, but whether BTC can break out of the slow-boil range it was stuck in during June.