

Josh’s strategy of letting the mNAV get hot before tapping the ATM is indeed more value-accretive and optimal if you expect a slow grind up of the BTC price over years. Saylor’s more aggressive dilution is optimal if you expect BTC to be rapidly repriced and your goal is to buy as much of it as quickly as possible. It’s a game of predicting the future. I’ll say this: of Josh and Saylor, only one has been sitting down at Mar-a-Lago with the President.


















