Hmmmm. 🤔

What you are saying doesn’t match this real time chart OR what the price changes of MSTR and the underlying Bitcoin have been doing over the past few sessions, weeks and months….

The NAV multiple per “basic share” is at 2.056 barely moved from yesterday’s multi month LOW of 2.04. (After peaking in the mid 3s for a nano-second a few weeks ago when MSTR traded above 500)

The full diluted NAV at 2.36 just represents the marginal .3 multiples of underlying Bitcoin dilution if all convertible bonds converted to pure equity (from debt).

Nothing moved in any meaningful way from yesterday to today in these relationships.

We are still at multi month lows in the NAV/BTC ratio. Basic OR diluted.

And still too HIGH, IMO. But you already know that…😉