The Block warns Strategy isn't Bitcoin at a discount, sitting $9.4B underwater with just 10 months of cash reserves left.

Strategy buys 520 BTC and adds $300M to its USD reserve as MSTR bounces 3.5% off oversold levels mirroring February's setup.

Below is a summarized version of The Block Research's Strategy: The Capital Stack Meets a Falling Bitcoin Price report. The full PDF version of this