$MSTR trading a substantially higher mNAV than 2x is mathematically inevitable.

The bears say this is irrational, but the market is pricing in the reality that nobody can replicated a 500,000 BTC position without detonating the price curve. Calling it a premium is almost doing it a disservice. Might as well call it "acquisition impossibility".

If you attempted to build that same position today, you’d ignite a supply shock so severe that your own orders would drive BTC multiples higher before you even got halfway there.

That’s the trap: Bitcoin’s liquidity profile makes replication non-linear.

The larger the attempt, the faster price escapes you.

MSTR sidestepped that execution risk by being first. In addition to that, the premium is further justified by giving shareholders access to scale without friction, slippage, or coordination risk.

The NAV is a static snapshot. Capital markets price in velocity, difficulty, and irreproducibility.

mNAV = the liquidity-adjusted cost of entry into Bitcoin at scale, without triggering your own doom loop of price impact.

To the mNAV bears who will reply that you're paying "extra for Bitcoin": No you're not, you're paying for instant positioning at terminal scale.

As $MSTR continues to buy Bitcoin and the price will continue to rise, the hoard will be increasingly hard to replicate by competitors.

The great https://t.co/onK8uIGq4V graph (BTW, an amazing resource) shows us that we had an mNAV of greater than 3.0 just four months ago. That's when Saylor starting suppressing it like crazy by hitting the ATM and going on that historic spending spree.

$MSTR sits on a tremendously larger BTC hoard now, and they have no signs of slowing down in BTC buying.

The absolute scarcity of Bitcoin combined with the increasing improbability of competitors arising means that we are early.

The market will continue to readjust the price for this incoming disparity.