32 BTC was less than 0.004% of Strategy’s stack; the damage came from repricing MSTR from infinite-bid wrapper to capital-structure trade with STRC dividends and ATM capacity in the driver’s seat. The June 8 8-K helped by adding 1,550 BTC and rebuilding the USD reserve to $1B, but it also makes the reflexivity cleaner: BTC down compresses mNAV, weaker mNAV makes equity issuance uglier, and then every preferred dividend becomes a flow question. Alts holding up until BTC dominance slipped below 58% is the useful tell here: this was MSTR contagion first, macro narrative second.

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