$MSTR mNAV back to 1.12x as Bitcoin rises. The feedback loop is just getting started: A rising BTC price enables: (1) increased issuance of preferreds, which (2) drives mNAV higher, which (3) enables expanded use of the common ATM, which (4) reduces the BTC supply available for
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$MSTR mNAV back to 1.12x as Bitcoin rises. The feedback loop is just getting started: A rising BTC price enables: (1) increased issuance of preferreds, which (2) drives mNAV higher, which (3) enables expanded use of the common ATM, which (4) reduces the BTC supply available for