The strategy's whole game is the mNAV premium
Investors paying more than $1 for every $1 of $BTC on the balance sheet
At peak it was 2.8x
Today it's 1.2x
That premium is what lets Saylor raise cheap capital, buy more BTC, and repeat
MSTR shares are already down 66% from their 52-week high
At current prices, ATM share issuance generates far less capital per share than it did 6 months ago
If BTC drops to $40K-50K levels, MSTR will be trading at pure NAV with no premium
The capital raise machine stops
$7B+ in obligations is still sitting there maturing every year
That's the real breakpoint and whole model collapse
🚨 VITALIK DEFINITELY KNOWS SOMETHING
HE SOLD OVER 20,000 $ETH THIS YEAR AT ~$2K AVG ($40M)
HE'S BEEN SELLING NONSTOP FOR THE PAST FEW YEARS WHILE $ETH STAGNATED
IF THE FOUNDER DOESN'T BELIEVE IN HIS OWN PRODUCT...