Jun. 29 at 3:39 PM
$BTC.X
$MSTR $MSTU
It was confirmed this morning, my suspicion was correct.
$BTC.X is down because
$BTC.X is down.
$MSTR is down because
$BTC.X is down.
Thats really it, its not overly complicated.
This morning we learned,
$MSTR was selling shares last week.
$MSTR is not down over the implied move of
$BTC.X, because of retail capitulation or any other external fud the news articles have been saying.
Last week, the MNAV was at 1.2 1.15 then 1.02.
20% over the
$BTC.X value, then 15% and then effectively 1:1.
Saylor was selling shares, leveraging the MNAV down to a par 1:1, which is the entire point of the MNAV.
If people are willing to pay a premium 20% over value, it allows a 20% buffer of grace to work within, raise capitol, and make moves.
And thats exactly what happened, all that red, all that selling pressure last week, all the days red when btc was green; was Saylor leveraging the MNAV
