MicroStrategy (now rebranded as Strategy) saw its shares pop on the morning of 3 March, thanks to a Truth Social post by US President Donald Trump about plans to establish a national crypto reserve fund.

But today's moves in Bitcoin-related names like Strategy and Coinbase come with big questions embedded. In the case of Strategy, why was it under mounting scrutiny in recent weeks about its business model, and how much has one social media update fundamentally changed the outlook?

In this piece, we will look at the market response but also attempt to address the preceding furore about Strategy's big debt pile. The level of surrounding conjecture makes it worth examining if there is indeed scope — as some have asserted — for a coordinated attack on this highly visible, sub-investment grade whale in the crypto market.