Due to the 24% decline in Bitcoin prices and the impact of new fair value accounting standards, MicroStrategy led by Michael Saylor(Michael Saylor) may face a multi-billion dollar loss in the fourth quarter, in stark contrast to the $2.8 billion profit in the third quarter. The company's stock premium has significantly shrunk, and its enterprise value is now close to the value of its Bitcoin holdings, raising concerns about its debt sustainability and the "infinite leverage" model.

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