Oddbean new post about login | logout I would encourage you to go back and read the legal docs of Genesis and Grayscale. The BTC held was not perceived to be an issue the borrow/lend relationships that encumbered it was an issue and did cause problems, specifically when the broader market got tight. This is typical during liquidity events, regardless of the asset class.
Did not cause any problems for the trust. Indeed it still exists, now as an ETF. Everything was just fine. Those people who tried to arb trade it, locking their funds in it for 6 months, got burned but that's part of the risk of being a trader. People might get burned going leveraged long on MSTR but Microstrategy will be just fine.