MSTR's CEBE mNAV is now 1.00x. Selling equity for cash/Bitcoin here is CEBE neutral. It'll be interesting to see where MSTR goes from here for the rest of this Bitcoin bear. Going beyond 1x mNAV when the bull market returns is not a necessity for outperforming Bitcoin... but that is an added potential bonus as an MSTR shareholder. If it takes a 50% Bitcoin price drop and a sustained time period of choppy sideways BTC price movement for the valuation to get to this level... I can handle the rest of the time pain no question. The company still has lots of optionality with the liquidity of MSTR and can survive any realistic Bitcoin bear market scenarios. Continuing to buy $MSTR to hold for 10+ years.
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