$BTC at 69,012 USDT and Hyperscale just liquidated 686 coins to wipe out its loan collateral risk. The August repayment cleared the immediate margin call threat, but the 8-K didn't sugarcoat what comes next.
Management flagged a going-concern doubt - cash on hand won't fund operations through the next 12 months without the Michigan financing package closing. That facility still isn't finalized, and the market knows it.
Selling the BTC bought breathing room, not solvency. If the Michigan deal stalls or terms tighten, the treasury becomes a forced seller again at whatever price the market offers. Watch the filing dates, not the price tick.
$BTC