Michael Saylor’s Strategy had a golden opportunity to profit $33B just four months ago. Instead, it’s lost billions.

The price of BTC fell below $74,600 last night which was less than Strategy’s average buy price of $76,052.

Strategy preferreds were supposed to fix the problems with bonds, such as principal repayment, but instead they brought a raft of new issues.

The manager mistakenly claimed that Strategy’s BTC collateralizes shares of its stock, even though it doesn’t.