MicroStrategy's stock price is no longer trading at a premium, now it's at a 28% discount. Issuing new shares not only can’t 'arbitrage out of thin air' to increase the BTC per share like before, but it will also severely dilute the BTC per share. Continuing ATM share issuance at a discount will create a death spiral: The BTC per share keeps decreasing, and the money raised from issuing shares is used to pay off debt, not to buy assets So the discount might get even bigger