very important week coming up for $MSTR (and markets overall). @MicroStrategy is currently trading below NAV (ie its market cap is lower than the value of its $BTC holdings). no treasury company has ever traded below its NAV for an extended period of time. the model only works if the company trades at a premium to NAV (ie its mNAV > 1). if the company trades below its NAV, issuing shares dilutes shareholder exposure to $BTC. (because the company gives away more ownership through its undervalued shares than it receives in return, via bitcoin). if $MSTR stock continues to decline, watch out below! expect volatility across the market.