MSTR may go out of business this year. Net valuation is -$17 billion and getting worse. Lenders own the whole company and more so, they will likely demand repayment of MSTR's debt. Common shareholder will receive zero.
"A significant decrease in the market value of our bitcoin holdings could adversely affect our ability to satisfy our financial obligations or liquidity needs.
Our liabilities exceed our total tangible assets, making net tangible asset valuation negative. As of July 31, 2025, our outstanding indebtedness was $8.24 billion, and our annual contractual interest expense was $36.5 million. Additionally, as of July 31, 2025, we had outstanding $6.3 billion aggregate notional value of our outstanding Preferred Stock, with respect to which the aggregate annual regular dividends payable (including in the case of STRD Stock, as and if declared, and in the case of STRC Stock, assuming the initial dividend rate of 9.00% remains unchanged) were $568.03 million.
Our inability to secure additional equity or debt financing in a timely manner, on favorable terms or at all, or to sell our bitcoin in amounts and at prices sufficient to satisfy our financial obligations or liquidity needs, including our debt service and cash dividend payments on our Preferred Stock, could cause us to default under such obligations. Any default on our current or future indebtedness or any of our outstanding or newly issued preferred stock could have a material adverse effect on our financial condition. See “Risks Related to Our Outstanding and Potential Future Indebtedness” and “Risks Related to Our Preferred Stock” for additional details about the risks which may impact us if we are unable to satisfy our debt service and cash dividend obligations." --Strategy Inc.
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