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Joe Burnett, MSBA
Joe Burnett, MSBA|Aug 18, 2025 15:56
The ATM guidance issued (and rescinded) by MSTR proved to the market that mNAVs can expand or compress for a variety of reasons. It hints that ATM activity itself may not compress mNAVs. Instead, ATM activity that generates a positive BTC Yield, may actually justify a premium.(Joe Burnett, MSBA)
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