What? ... lol. You really have to make this easier for people. 1) If nothing changes in the debt or BTC holdings and we ony allow BTC price to change, MSTR reacts 1.54 x the reaction of BTC ... Easy ... it is a multiplier of BTC gians (and losses). The big IF nothing else but BTC price changes. OK ... Now let X, Y, Z change over time ... and this beta thing comes into play. I can tell you without numbers or equations, as BTC rises, mNAV rises as well which multiplies the multiplier. When mNav is high ... bla bla happens and BTC reserves can do W ... etc
JoeCryptoShare
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