It’s clever from nostr:npub15dqlghlewk84wz3pkqqvzl2w2w36f97g89ljds8x6c094nlu02vqjllm5m and his team. Provide a security for Bitcoin exposure but with less extreme volatility, by porting that volatility into MSTR to the shareholders that want more of it.

Also, when an MSTR shareholder wants to remove some volatility post enormous price gains (some will), rather than exiting MicroStrategy altogether, they can move into a less volatile version of MSTR, via the secondary market on STRK and get an 8% coupon. Meaning that his shareholder’s aren’t deserting his stock entirely.

That’s how I see it.