Arca's Chief Investment Officer, Jeff Dorman, stated in an article on the X platform that the biggest risk facing MSTR is not delisting from MSCI or a drop in BTC price. Delisting from MSCI would only have a slight negative impact on the stock and be irrelevant to Bitcoin; given its over two years of cash reserves and the absence of a mandatory sale clause, a drop in BTC price would not force MSTR to sell. He believes the real risk lies in a rise in BTC price while the MSTR price stagnates. If MSTR stops tracking the BTC price and trades significantly below its mNAV, it will be unable to raise funds through ATMs, at which point it will have to consider selling BTC to repurchase shares.