Michael Saylor is advancing a sophisticated capital structure strategy beyond merely increasing Bitcoin holdings. His approach aims to stabilize credit while integrating yield-generating funds internally, leaving Bitcoin volatility primarily within common stock. For MicroStrategy's common stock, the focus should shift from total holdings and mNAV to BPS (Bitcoin per share), with the company's website indicating a long-term goal of increasing BPS. The market's belief that MicroStrategy will not sell Bitcoin is crucial; any change in this perception could lead to a reevaluation of common stock, preferred stock, and debt instruments.