😂The current mNAV is 1.1, which is still greater than 1, indicating a premium.

The death spiral needs to demonstrate that the company can only finance at increasingly lower prices, and after financing, cannot increase assets. The pressure from debt forces the company to continually issue more shares, which continues to depress the share price, ultimately leading to an irreversible cycle.

But now, $MSTR's mNAV is still greater than 1, and there is no problem with financing, so the death spiral does not exist at all, unless mNVA falls below 1 later regarding MSTR's actions.

Moreover, saying "the money from the issuance did not buy assets, it was only used to repay debt" is incorrect. Up until today, MSTR has still been buying BTC while using the ATM; it’s just that the proportion of BTC purchases has decreased.

This proportion is adjusted by MSTR itself, and how it adjusts it is indeed a black box. For example, last week it was 50%.

Another concept to clarify is that preferred stocks like STRC provide high dividends, not rigid debt like ordinary bonds that repay principal at maturity. The interest is not necessarily payable, so there is no scenario where a decline in STRC would prevent interest payment.

Let alone the fact that $STRC is also close to $90 again.

In fact, all of the above is meaningless, just a conceptual explanation.

Because whether it's MSTR or STRC, the essence is to long Bitcoin, meaning as long as Bitcoin rises, MSTR's financing will be easier, and STRC will not plummet.

So the focus is always on BTC; MSTR and STRC are merely tools to long BTC, nothing more.

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