If you're buying MSTR now you have to make the case that the #Bitcoin It holds is worth $200k while you can buy $100k bitcoin
OR
MSTR is going to double the amount of the #Bitcoin they hold
If you're holding it and did not sell at 3x nav you're stupid and if you're buying it 2x nav you're also stupid.
It’s absolutely better to just own straight corn.
That said, this same exact argument was made at the beginning of the year when it flipped back to a premium against the underlying bitcoin and it preceded to melt face in the fall.
The nav will roller coaster for sure, but over the long term, if MSTR as a company does not beat out the underlying asset it ultimately fails as a company.
The existential goal from a first principles perspective is to continually outperform bitcoin any way they can.
The only way to accomplish this is to never stop stacking.
Will it work and for how long? Big questions for sure.
