THE IMPOSSIBLE JUST HAPPENED The world’s largest corporate Bitcoin holder is now worth less than its Bitcoin. Stop and read that again. Strategy holds 650,000 Bitcoin. Worth $55.9 billion today. Its market cap: $45.7 billion. Wall Street is valuing the company at negative $10.2 billion. This is not a drill. This is the first sustained NAV inversion since the model began. The machine that accumulated 3.1% of all Bitcoin that will ever exist is now priced as if the Bitcoin itself is worthless. Here is what they are hiding from you. The company just created a $1.44 billion emergency cash reserve to pay dividends. For the first time in five years, the CEO admitted Bitcoin sales are possible as a “last resort.” The stock has collapsed 57% since October 6. The premium that funded every purchase has evaporated. The reflexive flywheel that turned $250 million into a $56 billion treasury has reversed into a vortex. In 44 days, MSCI will decide whether to expel Strategy from global stock indices. JPMorgan estimates $8.8 billion in forced selling if exclusion proceeds. The math is merciless. $8.2 billion in debt. $7.8 billion in preferred stock. $16 billion in total obligations against a $45.7 billion shell. At $74,436 average cost, the company sits 15% above break even. One sustained drop erases every gain since 2020. This is not about one company. This is about whether corporations can hold sound money without being destroyed by the very system they sought to escape. The largest experiment in corporate Bitcoin adoption is breaking in real time. January 15, 2026. Mark the date. The reckoning has begun.