[Figure 1] This rumor sounds plausible, but currently, in publicly available SEC filings, MSTR does not have any record of "borrowing using its own stock as collateral." Its leverage primarily comes from convertible bonds and a small amount of asset-backed loans, and the collateral is not MSTR stock. If there were stock-backed loans, it would be unlikely to be hidden under regulation, however, today's drop does resemble a large institution, selling coins on Coinbase recklessly, without any rebound, giving the feeling of selling at 312. I don't know if it's bankruptcy, a collapse, or if they had some insider information beforehand?