Jeff Walton says it's the misunderstanding that creates the volatility for MSTR. They in turn use that volatility to buy more Bitcoin.

There is such a range of outcomes that is expected from non-believer to believer in addition to the short term mechanics of these products hitting the market.

It's like a pick-your-skii-slope approach to Bitcoin. But everyone's paying the lift pass that accrues to MSTR stock.