MSTR is Capped Today, MSTR announced guidance that they will no longer issue common equity to fund BTC purchases unless the company trades at >=2.5x NAV. For reference, their NAV currently is 1.8x. For MSTR to hit this 2.5x threshold: MSTR would need to go to $500-600/sh. This is obviously a big deal - they are a prominent buyer of BTC and was the original gen0 TCo. For reference: MSTR's average weekly purchase quantum YTD has roughly been $850M And since the beginning of November to today, Saylor has bought roughly $36B of BTC. Of that $36B, ~$8B of that was in preferred instruments and $5B was in CBs. Therefore, 2/3 of purchases were fueled by common equity And so: using our YTD run-rate: that is 600M/wk or so that needs to be substituted thru other means (such as his other products) or elsewhere