Hmmmm I didn't sell any bitcoin to buy MSTR but you're right it should be measured in sats. I was thinking about it in USD terms but that's probably not the right denominator.

Assume Bitcoin doubles in price over the next 12 months and the mnav stays at 1.5 (currently 1.38). Assume they also don't sell a heap of preferred equities to stack corn (they will).

Your $500 of Bitcoin becomes $1000 and your $500 MSTR becomes $720. You're MSTR is still down in Bitcoin terms but in profit when measured in fiat.

The 2 key unknown variables are:

- how much bitcoin can MSTR stack without diluting shares

- how high will they let the mnav go before using it to stack more bitcoin

I think they did a disservice to themselves by selling down the mnav straight after saying they'd let it ride to 2.5.

The fixed income play (STRC) could see them double their Bitcoin holdings. This also pumps Bitcoin price (your denominator) but pumps the MSTR price more (because of the mnav multiplier). They haven't really started pushing this STRC product other than their initial release last quarter.

Bitcoin is the safe bet & is a hedge against the everything bubble. I found it really difficult to give a shit about MSTR until I had some skin in the game though. I bought MSTR with a euro loan so I really only need to beat 8% pa plus whatever EUR:USD slippage there is.

I'm not trying to convince anyone, I'm just publically stepping through my logic. I got burnt with the mnav beat down too.