MicroStrategy doesn’t have a liquidation price, so don’t expect a single wick to take it down. The real damage comes from slow bleeding: preferred stock dividends and convertible bond interest are constantly draining it, piling all the pressure on two walls—the repurchase wall in September 2027 and the moment around 2028 when dividend coverage runs out. For regular folks, there’s only one takeaway: when mNAV drops below 1, MSTR is no longer a 'better BTC.' At that point, what you want is direct leverage exposure—just hold BTC directly. It’s cleaner, and you avoid paying an extra layer of premium, interest, and management fees.