The DAT doomloop

Apparently MSTR's mNAV has gone below 1. This means that the company has lesser bitcoin holdings than its marketcap.

In such a scenario, MSTR cannot issue equity to buy bitcoin because it wouldn't make sense for anyone to purchase their equity when they would be getting lesser bitcoin exposure.

If MSTR cannot issue equity and their debts eventually come due, they will have to resort to selling bitcoin to pay back their debts.

Compound this across several other DATs and we are looking at a DAT doom loop until they get wiped out or survive the crash and rise again.

What are your thoughts?