I have also think and clamed for long that it's a high risk for shareholder (of MSTR or any BTC ETF), higher than just holding real bitcoins in self-custody.

What is not fair is that in case of dramatic disaster, everyone will suffer from it, shareholder will loose everything, or almost, while real bitcoin holders will suffer from extreme price crash, which might be fast to sell and buy lower and too long for people living of bitcoins to survive the extremly long winter as general public will be so scrare by Bitcoin, thinking "if even big finance guys could't secure it properly, how could I do it better?", that it will take decades to recover from it.

So, yeah, I have a mixed feeling between, they deserve to learn it the hard way and I hope nothing ever happen and they continue to operate like this for some more decades.