After seeing $STRC drop below $90, many friends are again discussing the collapse of $MSTR. It is important to be rational: do not frighten yourself, nor should you scare others. Don't just look at the $1.1 billion on MSTR's balance sheet, but also consider MSTR's ATM capacity.

The interest on the five funds is mainly paid out through the ATM. Currently, MSTR's ATM capacity is still $51 billion. Even if it is cut in half, it is enough to support two years. This means that even if all five funds are cut in half again, the money from the ATM can ensure that MSTR will not go bankrupt within two years.

Moreover, the main reason MSTR's preferred shares continue to decline is that Bitcoin is continuing to drop. Therefore, it should be considered that the drop in Bitcoin is driving the decline of MSTR's five preferred shares, rather than the drop in the five preferred shares causing Bitcoin to drop.

In fact, it is not easy for MSTR to go bankrupt, as even now, the mNAV is still greater than 1.

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