People are worried about the wrong $MSTR risk - getting delisted by MSCI - not a big deal (marginally bad for stock, irrelevant for $BTC) - BTC crashing - irrelevant for MSTR (they will never be a forced seller. 2+ years of cash & no covenants forcing sales) The biggest risk is actually BTC screaming higher, and MSTR not budging. If it stops tracking BTC, and trades way below mNAV, then the story is over. Can't raise via ATM if mNAV way below $0, and would have to consider selling BTC to buyback stock.