Michael Saylor asserts that MicroStrategy's strategic reserves, predominantly Bitcoin, now exceed the company's debt by $48 billion, signaling a strong turnaround. However, despite this positive declaration, MicroStrategy's STRC (a type of convertible debt) is currently trading below its par value. This situation has fueled debate among traders regarding the sustainability and robustness of MicroStrategy's unique funding model, prompting questions about its financial health and operational capacity to navigate challenges leading up to and beyond 2026.