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MicroStrategy's mNAV has fallen below 1 multiple times in history, so why would this time be the point of no return? It's because there wasn't the rigid interest expense of preferred stock before. It's like when someone has no debt, losing their job and lying flat isn't a big deal. But after taking on a mortgage, losing their job (equivalent to MicroStrategy being unable to issue more stock for financing) becomes a big problem According to the plan MicroStrategy originally designed, this is the time to sell coins