To be clear: What @Michael Saylor lacks is Proof of Assets, not reserves. $MSTR #Strategy He can for an extended time defer asset disclosure, and abuse his shareholders with #TrustMeBro SEC compliance and Big 4 audits. Does he care about the common stock share price? Is he more concerned with his convertibles and the newly issued preferred shares? Currently, MNAV is considerably above 1. When MNAV is less than 1, that is when the Market calls for On-chain Proof of Assets. Even then, what are his priorities? View quoted note →