Arthur Hayes said Bitcoin consolidating around $80,000 could undermine Strategy’s so-called perpetual buying model, arguing the company’s mNAV premium has compressed to about 0.74x and is now close to the underlying value of its 840,447 BTC holdings. He said the reduced premium leaves little room to fund another major round of Bitcoin purchases through accretive capital raising. Hayes said Saylor faces three difficult options: issuing new shares at an insufficient premium and diluting shareholders, selling Bitcoin despite the company’s long-standing commitment not to sell, or cutting preferred share dividends and risking investor confidence. Strategy is estimated to owe about $1.5 billion a year in dividends on STRK and STRC preferred shares, with roughly 18 months of coverage as of May before requiring new funding sources. Hayes argued that if Bitcoin enters a prolonged sideways market, Strategy’s model of buying Bitcoin at a premium loses appeal because investors can gain spot exposure through ETFs without taking on the company’s leverage and dividend burden. He added that this does not mean Strategy would collapse overnight.