Opinion: Is the MSTR premium flywheel stalling, prompting a capital structure transformation? (Author @Jhy256) MSTR repurchased 2029 convertible bonds at an ~8% discount, eliminating future cash walls but reducing cash reserves, highlighting BTC price pressure and implicit bets in its capital structure. With nearly 4% of BTC supply under control and mNAV falling below 1.0x, the narrative shifts from premium BTC purchases to capital structure sustainability pricing. Long-term, still bullish on BTC and reserve logic. Read the full article: https://www.(wublock123.com)/articles/article-59042