First of all, even if Bitcoin goes up, if MicroStrategy's stock price doesn't rise, mNAV will just keep dropping Why is it hard for the stock price to go up? Because the market knows that MicroStrategy's stock issuance is no longer used to buy BTC but to pay off debt. In this situation, no matter what mNAV is, the amount of Bitcoin per share will just keep decreasing MicroStrategy as a company is already crushed by debt, and the Bitcoin they hoarded before is the only lifeline they can cling to