[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 Morris [@Adrian_R_Morris](/creator/twitter/Adrian_R_Morris) on x 28K followers Created: 2025-07-24 01:49:11 UTC $MSTR | $STRK | $STRF | $STRD | $STRC - I want to speak on mNAV quickly and the constant chatter around it. Case in point "@Strategy needs to stop the ATM to let the mNAV run". Here's a piece of the mNAV puzzle and why that approach | claim just doesn't make sense. Despite the fact that mNAV is sentiment and thus not a lever you can control, or an "effect" you can create "cause" for, this is a simplified example that shows how the entire @Strategy model is a reflexive cycle: High Sentiment → High mNAV → ATM Execution → More BTC Acquired → Proof of Strategy → Reinforced High Sentiment Sentiment is first cause IMO no matter what anyone says. So the suggestion to "lay off the ATM" would actually break this reflexive cycle and thus risks the creation of a recursive cycle instead: Stop ATM → Market Questions Strategy → Sentiment Fades → mNAV Erodes → Company Loses Ability to Accrete Value → Proves Premium was Unjustified → Further mNAV Erosion In conclusion, @Strategy pausing its ATM for months is not a recipe for a higher mNAV; it is a recipe | signal of strategic failure. That is mistaking the engine of the strategy for a brake and would risk destroying the very market confidence that created the premium in the first place. ATM Equity Offerings aren't suppressing mNAV they are essentially a result | function of mNAV. XXXXXX engagements  **Related Topics** [strk](/topic/strk) [mstr](/topic/mstr) [lever](/topic/lever) [Sentiment](/topic/sentiment) [atm](/topic/atm) [$strc](/topic/$strc) [$strk](/topic/$strk) [$mstr](/topic/$mstr) [Post Link](https://x.com/Adrian_R_Morris/status/1948198746581561380)
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Adrian Morris @Adrian_R_Morris on x 28K followers
Created: 2025-07-24 01:49:11 UTC
$MSTR | $STRK | $STRF | $STRD | $STRC - I want to speak on mNAV quickly and the constant chatter around it. Case in point "@Strategy needs to stop the ATM to let the mNAV run". Here's a piece of the mNAV puzzle and why that approach | claim just doesn't 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 how 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 essentially a result | function of mNAV.
XXXXXX engagements
Related Topics strk mstr lever Sentiment atm $strc $strk $mstr