MSTR update @saylor MicroStrategy added 45.6M in $btc on Nov 3, pushing their unrealized profit to roughly +12B. They also moved about 90M worth of $btc to an unknown wallet — unclear whether internal restructuring or strategic custody flow. Their debt profile remains one of the most misunderstood parts of the story: • All major tranches are long-term, unsecured, non-BTC-collateralized • No margin calls, no forced liquidations until at least 2028 • Liquidation thresholds sit deep below current prices — requiring a multi-quarter, structurally bearish regime (<$30k) to matter MSTR continues to operate as a high-conviction $btc accumulator with one of the cleanest institutional leverage structures in the space.(𝗡𝗲𝗴𝗲𝗻𝘁𝗿𝗼𝗽𝗶𝗰)