The biggest corporate holder of bitcoin is facing a reckoning

MicroStrategy is famous for owning more bitcoin than any other publicly-traded company. MicroStrategy chief Michael Saylor believes so deeply in the promise of the primordial cryptocurrency that the company took out a $205 million loan from Silvergate Bank to buy $190 million worth of bitcoin in April. “Bitcoin needs to cut in half for around $21,000 before we’d have a margin call,” MicroStrategy president Phong Les said in May during an earnings call.