Jeff Dorman, Chief Investment Officer at Arca, has highlighted a significant risk for MicroStrategy (MSTR) related to Bitcoin price movements. According to Dorman, the primary concern is not the potential delisting from MSCI or a decline in Bitcoin's value, but rather a scenario where Bitcoin prices surge while MSTR's stock remains stagnant. This divergence could prevent MSTR from raising capital through ATM offerings if its stock trades significantly below its market net asset value (mNAV). Consequently, the company might be compelled to sell Bitcoin to repurchase shares, impacting its strategic position.