MicroStrategy is under renewed market pressure after Bitcoin slid to $60,000, pushing the company’s vast crypto treasury deeper below its average acquisition cost and reigniting concerns about balance-sheet risk. Shares of the company fell sharply as Bitcoin extended its sell-off, reflecting Strategy’s role as a leveraged proxy for the cryptocurrency. The stock’s decline also pushed its market valuation below the value of its underlying Bitcoin holdings. This is a key stress signal for the firm’s treasury model
source: https://beincrypto.com/bitcoin-60000-microstrategy-catastrophic-risk/