OK, so if BTC rallies to two hundred something thousand, MSTR cost basis is ~150k, and then a bear market starts and they decide to "buy the dip" with more debt pushing cost basis even higher to try and prop up BTC, and all of a sudden you start getting FUD pushing price lower...

Now the 2026/27 maturities are coming up, you've got margin calls and forced liquidations up your ass and you've popped the bubble.

"Investors panic" is a problem if you're raising money through debt. You cannot tell them to suck it up like you can to shareholders.