Core Insights - Leveraged ETFs linked to bitcoin hoarder Strategy have suffered significantly due to the decline in bitcoin prices, impacting the largest corporate holder of the token [1][2] Group 1: Performance of ETFs and Strategy Shares - T-Rex 2X Long MSTR Daily Target ETF and Defiance Daily Target 2x Long MSTR ETF have lost nearly 85% of their value in 2025, while T-Rex 2X Inverse MSTR Daily Target ETF has decreased by 48% [2] - Shares of Strategy have fallen over 40% this year, primarily due to bitcoin's drop below $90,000 [2] - Bitcoin reached a record high of $126,223.18 in October but has since declined due to global risk aversion [3] Group 2: Company Metrics and Market Reactions - Investor attention is on Strategy's "mNAV" metric, which is currently estimated at around 1.1, following CEO Phong Le's comments about potentially selling bitcoins if the ratio falls below 1 [4] - Comments from CEO Phong Le have raised concerns about the company's commitment to not selling bitcoin, which could undermine its marketing message [5] Group 3: Earnings and Short Selling - Strategy has revised its full-year outlook to a profit range of $6.3 billion to a loss of $5.5 billion, down from a previous forecast of $24 billion in net profit [6] - The company disclosed a $1.44 billion reserve for dividends on preferred stock and interest on debt, while short sellers have gained over $2.5 billion from the stock this year [7] - Since joining the Nasdaq 100 index, Strategy shares have more than halved, dropping about 70% from their peak in November 2024 [8]