Sharing a great analysis from @bonnazhu about MicroStrategy, Bitcoin, and STRC. The so-called 'reflexivity' refers to how people's expectations and judgments can, in turn, change reality itself, and the altered reality further influences people's expectations, eventually leading to a chain reaction of sell-offs or rallies. As for why they stopped selling stocks and started selling coins? I can somewhat understand Saylor's feelings. Back when mNAV was above 2, issuing more shares was fine, but now it's at 1.2, and it feels a bit hard to let go. In my opinion, MicroStrategy will eventually sell coins one day, sooner or later. If it happens sooner, it might lead to a softer landing, since at least the shoe would have dropped.