microstrategy ($MSTR) holds 815,061 BTC at a $78,400 average cost. bitcoin is at $78,047. they're underwater on the largest corporate bitcoin position in history. the entire 1 million BTC roadmap depends on MSTR trading at 2.1x NAV so they can keep issuing equity to buy more. if that premium compresses they can't raise capital, the 1,229 BTC/day acquisition rate drops to zero, and $14.4b in projected bitcoin demand disappears. stop watching the total stack. track the daily purchase rate. that's your leading ...