Dear Saylor,

As can be seen in the market activity of MSTR. All of that ATM's that you did wasn't all that beneficial for the shareholders. The MSTR market is faced with uncertainty on the permanent put you have placed on MSTR and as a result it's not able to fully express it's NAV. If it was like old days, MSTR would be trading at $600 to $1000 right now if it was free to be traded. So the cost of the ATM is the vol and NAV costs on shareholders. Shareholders paid dearly for it. It's not free. Nothing is free!  You could have sold your MSTR shares at much higher price when the NAV's were like 10, instead you were selling MSTR all the way down to NAV of 1.5. This doesn't make sense if you believe that MSTR should be better than IBIT. There is hell of a lot more risk owning MSTR than IBIT and if you are not letting it perform better than IBIT then what's the point of hodling MSTR. What is there for the shareholders? This is a calculus that needs to be done. I am sure you are aware of this.