Data check on MicroStrategy’s "Flywheel":
• Debt Trap: Dividend obligations hit $904M in 2026.
• Revenue Gap: Software sales only generate $477M. MSTR is bleeding out.
• Underwater: Avg cost is $75,694. Current price is $71k.
• The Catch: The 2.05% growth model assumes endless investor thirst for MSTR shares. If demand stalls, the "Perpetual Machine" becomes a "Perpetual Crisis."
Saylor isn't just betting on BTC; he's betting that the debt market won't wake up.