A recent SEC filing has unveiled significant risks associated with Michael Saylor's $78 billion Bitcoin strategy. The filing underscores the volatility of Bitcoin, which has fluctuated between $60,000 and $120,000 over the past year, posing potential losses for Saylor's firm. Despite these risks, the company reported a $3.9 billion gain in Q3 2025 from its Bitcoin holdings, which now exceed $73 billion in value. The firm also secured over $5 billion in new capital during the quarter. However, the SEC filing highlights the company's $8 billion debt and the necessity of maintaining a steady cash flow, leaving it susceptible to market downturns.