Re: MicroStrategy Buys $250M in Bitcoin, Calling the Crypto ‘Superior to Cash’
There were a lot of details, I will churn in the coming days when I have a second, but one stood out...
One thing I would highlight is that they will not use common stock (MSTR) ATM unless the MNAV is at least 2.5 (except in specific cases). Between 2.5 and 4, they will use it, but strategically. And if the MNAV rises above 4, they will go into full mode. With this, they will try to get the common stock price to rise, and instead, to continue buying bitcoin, they will use the ATM of the other products.
That is actually a very interesting thing as well. You are referring to this slide:
This slide is nothing new, actually, but a good way of communicating that the mNAV can be played by Strategy to fuel further growth. I guess also this represents a good example of how it would be difficult for the mNAV to go below 1x.