How about a correction after a face-ripping rally? Check out this chart:
https://www.tradingview.com/symbols/NASDAQ-MSTR/
That's liftoff for the month of November. Sooner or later profits will be taken.
Also, check out that price-to-earnings ratio (P/E) of over 2,500. That's stratospheric and not even Amazon can match it right now. Clearly it was caused at least in part by vast appetite among certain investors for some way, any way, to gain exposure to Bitcoin price moves.
What's more interesting about Microstrategy is that it could be a preview of things to come. Large and/or public companies holding cash need a way to preserve its value from erosion due to the avalanche of government deficit spending to come and the inflation that will come with it. The range of options is rather limited, and Bitcoin has some unique properties that make it especially good at the job.
That said, a public company buying Bitcoin on credit sounds absolutely bonkers. That's not capital preservation. It's a sign that management can't figure out how to grow the company. And it might be a boat that an increasing number of companies find themselves in.