-
@ VarMur
2025-06-10 17:08:16
mNAV justified by accretive dilution on the stock to acquire bitcoin -
is quite different from mNAV justified by access to issue debt to acquire Bitcoin.
Both increase btc/share.
The first is ephemeral and better the smaller the current bitcoin treasury,
The second is enduring and advantaged in certain ways by large size.
The first will rotate with sentiment to newer and smaller LBE’s,
The second will endure for as long as the CAGR of bitcoin is higher than the CAGR of the cost of debt.
#mstr