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$HMSTR utilized its common ATM program and sold a portion of its Bitcoin holdings primarily to strengthen its USD reserves. Because mNAV remains above 1.0x, these transactions were actually accretive under the company's new framework, meaning Net $BTC per share increased despite the $BTC sales. The key difference is that the updated framework recognizes the value of USD reserves when calculating Net $BTC per share, whereas the traditional $BTC per share metric only measures Bitcoin holdings and ignores cash reserves. In short, yesterday's announcement is viewed as a positive development for $MSTR shareholders under the new reporting framework. #BitMineTopETHStaker #OKXTraderVoices