Michael Saylor's Bitcoin strategy just hit a major test.



For the first time this cycle, Strategy's mNAV has fallen below 1.0.

That weakens its ability to issue shares and buy more BTC.

The flywheel is slowing.

The next move could define the future of the Strategy model. 👀₿$BTC
BTC1.39%
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ColdLightNftCabinet
· 29m ago
mNAV breaking below 1 is indeed painful, the closed loop of issuing debt to buy coins is stuck.
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BridgeHopster
· 1h ago
The flywheel turns slowly, how many more episodes can Saylor's script play?
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NftsOutsideTheTidalLine
· 1h ago
Issuing below net asset value is equivalent to diluting existing shareholders, a classic stress test in the crypto space.
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NeonHalf-MeltedIceCream
· 2h ago
The essence of the Strategy model is to use the stock price premium for financing. Once the premium is gone, it's hard to tell the story.
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