[Arca Chief Investment Officer: MSTR's Biggest Risk is BTC Rising While Stock Stagnates] Arca Chief Investment Officer Jeff Dorman posted on the X platform, stating that the biggest risk MSTR faces is not being removed from the MSCI index or a drop in BTC prices. Being removed from the MSCI index has minimal impact on the stock and is irrelevant to BTC; MSTR has over two years of cash reserves and no forced selling clauses, so a drop in BTC prices would not force MSTR to sell. He believes the real risk lies in BTC prices rising while MSTR's stock price stagnates. If MSTR no longer tracks BTC prices and trades significantly below mNAV, it will be unable to raise funds through ATM offerings and may have to consider selling BTC to buy back shares.