Analysis: Michael Saylor's preferred stock financing model may plunge Strategy into a "death spiral."

An analysis published by Fortune magazine points out that despite the recent decline in Bitcoin dragging down the stock price of Strategy (MSTR), the company's current market value still has a premium of about 31% over its underlying net asset value.

The analysis believes that this premium stems from the market's past recognition of Michael Saylor's "Bitcoin appreciation flywheel" model, but as this model becomes ineffective, the related premium faces further compression risks.