Just checked MSTR's position and the numbers are pretty rough right now. Michael Saylor's bitcoin stack is sitting on almost $6.5 billion in unrealized losses at this point. The company's holding 713,502 BTC they picked up around $76k on average, and with spot trading near current levels, that's looking pretty underwater. What's wild though is that despite the massive drawdown, the stock still trades at like a 1.09x premium to the actual bitcoin value on their books. Normally you'd expect that to completely collapse. Michael Saylor and the team apparently still have room to issue more stock and buy more bitcoin without actually diluting shareholders, which is pretty interesting from a capital structure perspective. MSTR dropped another 13% today alone, and it's down like 80% from the November highs after Trump's win. But Saylor doesn't seem to be panicking or changing course. The perpetual preferred shares are also getting hit, trading below par now. Anyway, watching how Michael Saylor navigates this next earnings call should be telling. Wondering if he'll stay committed to the accumulation strategy or if there's any shift in tone.