$437 → $97 IN 364 DAYS — MSTR APPROACHES ATH ANNIVERSARY. THE PREMIUM WAS THE PRODUCT.

Tomorrow marks one year since MSTR printed $437 — the all-time high on July 21, 2025. Today, on the eve of that anniversary, Strategy filed an 8-K adding $225M to the USD reserve without buying a single satoshi. The BTC line held at 843,775. MSTR trades at $97.57 (+2.87% today · vol 11.68M), down 77.7% from the anniversary print. The equity that funded the flywheel has compressed for 364 straight days back toward its actual BTC-per-share baseline. The treasury still executes — ATM shares issue, USD reserve refills, preferreds get placed. But the multiple the flywheel required to compound is gone. The premium was the product; the product got sold. What remains is the treasury math without the multiple that made the treasury math generative. Bobby Tierney’s MABE tracker went live this morning to close the loop on exactly this question: when the market prices the coverage at what the market actually pays, the treasury premium doesn’t hide. It marks. Tomorrow the anniversary marks.