Because they are diluting shareholder to boost bitcoin buys. MSTR has already decoupled from Bitcoin price action on the upside in 2025 Bitcoin was making new ATH, MSTR was not. MSTR is a bull market play now shorting it will be a bear market play. Look how it performed in 2022 that’s where we’re headed again. If Bitcoin breaks below there cost basis somewhere in the 70k range shareholders panic and selling intensifies. If you want a multiple of bitcoin exposure BITX is 2x exposure but I wouldn’t recommend that now either. MSTR will be dirt cheap next year then it might be worth going long again.