Would it be a bad idea to buy puts on MSTR?

With BTC pulling back hard, I’m wondering if now’s the time to go after MSTR with puts. The company’s been super aggressive with leverage and holds a huge amount of bitcoin. If BTC drops further, say toward 74K, I feel like MSTR’s balance sheet could start to look pretty shaky. That kind of pressure might cause a much bigger move down in the stock.