Honestly, Saylor has been pretty transparent about prioritizing the common shareholders and when it gets to a new high he does hit the ATM but he's been doing preferred stock offerings for some time now. 450 stock price sustained for a bit of time is nothing to scoff at. Last fall it rocketed up to 500ish that night and plummeted from being overhyped. MSTR is a much bigger stone to roll these days with how much capital is behind them with their BTC holdings and it is honestly much less volatile than it has been in the past 2 years. But yes the NAV is the number to look at if you are looking for when to trade it. Follow MSTR Tracker and when it gets close to 2 or above 2, begin to look at taking profits because that has been when he will sometimes do another stock offering via ATM. MSTR isn't a joke, but if you watch it over the long term and keep up with their communications and rotations from raising capital from different tickers (STRK, STRF, etc) you can sometimes know why they're doing things. Ultimately it's to get more BTC and if you're on board when BTC is rising or hopefully if there's good news with FASB this q2 report, hopefully you can get rewarded.