Arca CIO: MSTR's biggest risk is BTC price surging while its stock price remains stagnant

According to Odaily, Arca Chief Investment Officer Jeff Dorman stated on the X platform that the biggest risk facing MSTR is neither being removed from MSCI nor a decline in BTC price. Being removed from MSCI has only a minor negative impact on the stock and is irrelevant to bitcoin; since MSTR holds more than two years of cash reserves and has no forced sale clauses, a drop in BTC price would not force MSTR to sell.

He believes the real risk lies in BTC price rising while MSTR’s price stagnates. If MSTR no longer tracks BTC price and trades far below its mNAV, it will be unable to raise funds through ATM offerings, at which point it may have to consider selling BTC to buy back shares.