cincy on Nostr: I think the way he changed the definition of mNAV so that he can sell MSTR ATM and ...

I think the way he changed the definition of mNAV so that he can sell MSTR ATM and dilute BTC per share but still call it “accretive” is a main driver of the MSTR mNAV going to 0.66. The assumption was always that he’s going to dilute MSTR but only when it’s accretive for BTC per share. Now he just drunkenly hammers the MSTR ATM even when it is dilutive on a BTC per share basis so he can stack more bitcoin on the balance sheet to improve the “credit quality” of the preferreds. Everything has gone to shit since he used ChatGPT to issue the preferrds.