Come listen to my hosted AMA next Tuesday. Leave your questions in the comments below for a chance to win a prize!

The most concerning issue in the market these past couple of days is MSTR. Many people see the stock price plummet, with mNAV > 1 about to collapse. The original profit cycle was: issuing bonds to buy BTC, stock price rising, issuing more shares to replenish cash, and then continuing to issue bonds to expand the balance sheet. If mNAV < 1, it cannot operate, but is that really the case? In fact, looking back at MSTR's history, you'll find that discounts are a product of extreme panic, and < 1 is not the first time. - June 2022, after the FTX collapse: At that time, the market even gave a super low valuation of 0.71x. This means you could buy 1 dollar worth of Bitcoin for just 0.7 dollars. Back then, the market also called for liquidation, but MSTR didn't sell a single coin. - January 2024, after the ETF approval and the subsequent pullback: The market was worried that Bitcoin ETFs would siphon off funds from MSTR, and mNAV dropped to 0.98x. - Now, due to the Bitcoin pullback + panic from MSCI index adjustments, mNAV has once again touched the range of 0.895x - 0.97x. As long as the company is not forced to sell coins, this kind of discount will eventually be repaired as the coin price rebounds and premiums return. And to avoid being forced to sell coins, when everyone is worried about cash flow: ▪️ Strategy announced it has 1.44 billion dollars in cash reserves. This money was obtained when MSTR's stock price was above mNAV > 1, through a large issuance of shares. It's equivalent to exchanging overvalued paper for real cash in dollars. In November alone, MSTR made a net profit of 1.478 billion dollars by selling 8.2 million shares. ▪️ When will they be forced to sell coins? Let's take a look at MSTR's debt structure: - In December, there is a 750 million dollar high-interest bond (6.125%) that needs to be repaid in cash, and after using the reserves to pay it off, they could still have half left. - The remaining approximately 6.5 billion dollars is convertible bonds, which are not a major concern. As long as the stock price rises in the coming years, creditors will choose to convert the bonds into shares, and the company won't need to pay cash. - Next is the hidden pressure of preferred shares: the company needs to pay about 750-800 million dollars in dividends to preferred shareholders each year, but the reserves are also meant to cover this expenditure. Management has stated that this reserve is sufficient to cover all interest expenses and preferred share dividends for the next 21 months. ▪️ Currently, Strategy @Strategy holds 650,000 BTC (accounting for 3.1% of the global total), purchased at a cost of about 4.838 billion dollars, which calculates to a cost of about 74,436 dollars per coin. Today, Strategy indicated it is considering launching lending services, and in the future, any collaboration with any project will be of explosive significance. They emphasized that they would only be forced to sell BTC in a truly continuous three-year downtrend. Additionally, 0xMedia is really suitable for practicing listening skills (?