Many are asking why is MSTR down big.

I have been clear about the possibility of Bitcoin sideways (or bear) causing a crash in the stock.

The mNAV is very sensitive to Bitcoin sentiment. So when BTC loses its upside momentum for a while, mNAV contracts.

So it outperforms both on the up side and the down side. And even in a sideways market mNAV likely contracts.

I did argue this with some MSTR investors and they were thinking the game has changed forever and MSTR will scape Bitcoin downturns. But no! That is wishful thinking.

Just keep that in mind when you invest and don’t just FOMO in. If you feel the FOMO i have a message for you:

MSTR is a machine that converts fiat to Bitcoin. Whenever it outperforms Bitcoin it is like a coiled spring that accumulates monetary energy and releases it slowly into Bitcoin itself (by diluting shares at a premium). So you will end up capturing that premium as a pure Bitcoin holder too.