so i think MSTR MNAV works because there are examples in nature of what appear to be "perpetual motion" that are just taking advantage of certain characteristics like:
ram hydraulic pump
by using a siphon and periodically restricting the flow, it's possible to pump water uphill while a lot more water falls lower down hill.
since a lot of capital is happy with a much lower performance than bitcoin in their MSTR convertible bond exposure, they are the water falling farther down hill and in turn they pushing a small volume of water (aka Bitcoin per share) farther up the hill into the hands of the shareholders.