Thaler doesn’t want a high premium; he just wants a healthy balance sheet with mNAV = 1!
Issuing an ATM ensures m = 1.
New entrants must endure the reversion of the premium and wait for the next premium cycle.
As long as Bitcoin remains strong and its volatility stabilizes, MSTR’s valuation will gradually rise.
P.S. This stock isn’t about technical analysis—focus on mNAV. If m < 1, go bold!
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