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Even if the treasury still has Bitcoin, the remaining shareholders see their stock portfolio value decimated.
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That depends on whether bitcoin recovers
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If Bitcoin climbs back above Strategy's average purchase price of $75,651, then their entire crisis is solved.
However, if it continues to drop, the the company's preferred stock structure fundamentally changes the outcome for the remaining shareholders.
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That ignores accretion
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Sure 👍
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Bingo!!
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The point is that it's not a huge problem if the bitcoin can actually buy back the shares. The treasury company would still have a bunch of bitcoin behind their shares, for whatever shareholders remain.