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$BTC treasury companies have a mNAV problem. The whole flywheel was simple: trade above NAV → issue shares → buy more BTC → increase BTC per share. But when mNAV drops below 1, that same strategy becomes dilutive instead of accretive. Strategy itself acknowledges this mechanics. � strategy.com That’s the real risk: the BTC flywheel can work both ways. 🧵₿