MSTR stock has essentially lost its valuation premium to its bitcoin holdings as its financial engineering backfires.

Strategy stock jumps 5% as its $3B cash reserve and share sales help protect dividends through Bitcoin’s bear market.

MSTR stock has essentially lost its valuation premium to its bitcoin holdings as its financial engineering backfires.

Strategy's total holdings account for around 4% of the 21 million bitcoin supply cap — worth roughly $54.7 billion.