[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]

![Adrian_R_Morris Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::99328846.png) Adrian Morris [@Adrian_R_Morris](/creator/twitter/Adrian_R_Morris) on x 27.8K followers
Created: 2025-07-24 01:18:04 UTC

For example, here's a piece of the mNAV puzzle and why that approach does not make sense. Despite the fact that mNAV is sentiment and thus not a lever you can control, or an "effect" you can create "cause" for this is a simplified example that shows hot the entire @Strategy model is a reflexive cycle:

High Sentiment → High mNAV → ATM Execution → More BTC Acquired → Proof of Strategy → Reinforced High Sentiment

Sentiment is first cause IMO no matter what anyone says. So the suggestion to "lay off the ATM" would actually break this reflexive cycle and thus risks the creation of a recursive cycle instead:

Stop ATM → Market Questions Strategy → Sentiment Fades → mNAV erodes → Company Loses Ability to Accrete Value → Proves Premium was Unjustified → Further mNAV erosion

In conclusion, @Strategy pausing its ATM for months is not a recipe for a higher mNAV; it is a recipe | signal of strategic failure. That is mistaking the engine of the strategy for a brake and would risk destroying the very market confidence that created the premium in the first place. ATM Equity Offerings aren't suppressing mNAV; they are a function of then and thus help justify them.


XX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1948190913307750608/c:line.svg)

**Related Topics**
[atm](/topic/atm)
[lever](/topic/lever)
[Sentiment](/topic/sentiment)
[not a](/topic/not-a)
[bitcoin](/topic/bitcoin)
[coins layer 1](/topic/coins-layer-1)
[coins bitcoin ecosystem](/topic/coins-bitcoin-ecosystem)
[coins pow](/topic/coins-pow)

[Post Link](https://x.com/Adrian_R_Morris/status/1948190913307750608)