According to BitMEX Research, there is a critical observation regarding MicroStrategy's (MSTR) strategy to achieve its net asset value (NAV) goals over a 10-year period. They suggest that while assumptions might hold true for the first nine years, the assumptions required in the tenth year to meet the NAV target become increasingly extreme. This implies potential risks and challenges in MSTR's long-term financial strategy, which could impact its stock performance and investor confidence.