Sentiment toward MicroStrategy and Michael Saylor has turned sharply negative as Bitcoin remains below $90,000. MSTR shares have fallen about 60% from July highs and now trade below the company’s Bitcoin net asset value. Critics cite MicroStrategy’s repeated convertible debt issuance and debt-funded accumulation as raising refinancing risk, interest-rate exposure and potential margin stress; a minority still defend Saylor’s long-term outlook.

MSTR is down ~60% from July highs and trades below MicroStrategy’s Bitcoin net asset value; the company has repeatedly issued convertible debt and pursued debt-funded Bitcoin accumulation, prompting criticism over refinancing risk, interest-rate exposure and potential margin stress while Bitcoin remains below $90,000 — facts that justify negative sentiment and moderate market impact.