The current mNAV is 1.1, still greater than 1, which is the premium. The death spiral requires proof that the company can only raise funds at increasingly lower prices, and after financing, it cannot increase assets. Debt pressure forces the company to continue issuing more shares, which further lowers the stock price and ultimately enters an irreversible cycle. But now the mNAV of MSTR is still greater than 1, and there is no problem with financing, so there is no death spiral at all, unless we look at MSTR's approach after mNVA is less than 1. Furthermore, it is incorrect to say that the additional funds were not used to purchase assets, but only to repay debts. Until today, MSTR still buys BTC at the same time as ATM, but the proportion of BTC bought has decreased. And this ratio is adjusted by MSTR itself, how to adjust it is indeed a black box. For example, last week was 50%. Another concept that needs to be clarified is that preferred stocks like STRC bring high dividends, not rigid debt like ordinary bonds that repay principal at maturity. It is not necessary to pay interest, so there is no such thing as STRC falling and unable to repay interest. Not to mention that STRC is almost back to $90 now. Actually, all of the things mentioned earlier are meaningless, just conceptual explanations. Because the essence of both MSTR and STRC is to go long on Bitcoin, which means that as long as Bitcoin rises, MSTR's financing will be easier and STRC will not fall sharply. So the focus will always be on BTC, MSTR and STRC are just tools to go long on BTC, that's all.