According to Wu Blockchain, analyst Adam Livingston tweeted that he conducted a three-year stress test on MSTR. The assumptions include Bitcoin dropping to $26,611 in the 6th month, mNAV falling below 0.50x, capital markets shutting down, and the need to sell BTC to pay priority debt. The model shows that the debt ratio would rise from 41.5% to 96.7%, BTC per common share would drop from 138,161 sats to 7,884 sats, and the MSTR stock price model would fall to $1.01. After cash runs out in the 9th month, 115,727 BTC would need to be sold over three years. In the final scenario, MSTR would still hold 731,636 BTC, with an mNAV of 1.40x. Livingston stated that the model indicates the main risk is BTC per common share compression, rather than 'immediate bankruptcy' or a 'death spiral.' https://(wublock123.com)/news/mstr-stress-test-risks-btc-per-common-share-compression-63497