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This is of course, complete financial gibberish. Mr. Saylor wants you to value his business based not only on the net value of his Bitcoin holdings (NAV) at market, but additionally with a multiple on the change in that NAV! Because now he can leverage his balance sheet, lol. (2) It’s like claiming that your house, which increased in market value last year from $450,000 to $500,000, is actually worth $1.5 million, because you also have to put a 20x multiple on the $50,000 increase! (3) And despite a few spikes and crashes along the way, Saylor’s “infinite money glitch” has really not changed the $MSTR mNAV very much since he began materially buying Bitcoin in 2020. It’s currently at about 1.8x. https://t.co/DWW7jhkVjp