This viewpoint has value and the direction is correct: what MSTR really needs to look at is not "how much BTC the company has bought in total", but whether the BTC per share increases or decreases. Core Logic: The forward flywheel before MSTR was: Stock price above NAV → issuance of additional shares → purchase of BTC → increase in BTC per share → market continues to offer premium But if mNAV<1 now, which means MSTR's stock price is discounted relative to its BTC holdings, continuing to issue stocks and buy coins will become: Buy BTC with discounted stocks → old shareholders diluted → BTC per share drops The formula in the post is crucial: accretive only if f × mNAV > 1 Meaning: • mNAV = 0.78 • f = 0.56， Roughly indicating the proportion of financing actually used to buy BTC So 0.56 × 0.78=0.44<1 The conclusion is that this time it is not thickening, but dilution. But there are also two caveats: Selling 32 BTC is not the focus 32 BTC is too small, making a fuss in the market meaningless. The real key is that it simultaneously issued $181m worth of stock, which is much more important than selling 32 BTC. 2. MSTR is not a simple BTC ETF It is a BTC wrapper with leverage, financing strategy, and Saylor belief premium/discount. So when it was released on Premium, it was a magical flywheel; When it is released at a discount, it is a reverse flywheel. This X reminds us of an important risk: MSTR bulls should not only focus on the increase of total BTC holdings, but also on BTC per share and mNAV. If mNAV remains below 1 for a long time and the company continues to issue more shares to buy BTC, the attractiveness of MSTR to directly buy BTC will decrease. Unless you are betting that the future mNAV will return to premium, the reverse flywheel will end, and the forward flywheel will restart.