Woofun AI notes that NextGen Venture founder Jason Huang highlighted how Strategy (MSTR) deployed new shares via an ATM mechanism last week, resulting in diluted per-share Bitcoin holdings rather than increased accumulation. This action compressed the modified net asset value (mNAV) multiple to 1.1 times, based on disclosures preceding the recent market decline. Huang cautioned that if MSTR continues to underperform Bitcoin by an additional 10%, subsequent ATM issuances will exacerbate the dilution of per-share Bitcoin exposure. Such dynamics could initiate a 'death spiral,' with the current downturn serving as a preliminary indicator of deeper structural risks.