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This is just how the math works out for me and please correct me if I'm wrong.

I'm a hedge fund. Mstr is below mNav. I buy MSTR and short bitcoin. Profit on the arbitrage.

MSTR is above mNav. I buy bitcoin and short MSTR. Profit on the arbitrage.

That's my argument for a gravitational pull to 1 mNav or whatever mNav hedge funds value MSTR at.

Yup. Bulletproof to financial nirvana

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I had to ask you what arbitrage was like a year ago, so I'm not exactly 100% confident 😁

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