@fatratkiller

$MSTR’s mNAV nuke from 2.66 → 1.2… and briefly under 1. Ask yourself this: how the hell does a company with ~659,000 BTC on the books (avg cost $74,433) end up trading at a negative premium while BTC is still above water? 🩸 Here’s the part nobody wants to say out loud: Once mNAV cracks, the flywheel turns into a death spiral— → lower premium = weaker financing → weaker financing = more stock issuance → more issuance = dilution → dilution = lower price → lower price = even worse mNAV It’s the inverse Saylor flywheel. The anti-relic. The cursed loop. Then I checked StrategyTracker again and nearly choked—$MSTR mcap is now $50.9B, while their BTC stack is $66.87B. That’s the market screaming “I don’t trust your survival model anymore.” MSCI is cooking a proposal to eject any company with >50% crypto on balance sheet. If that hammer drops, JPM says the forced outflows could hit $11.6B. Let that number sink the fuck in. 💀

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