What do you think about these guys thesis? They argue that MSTR isn't really a BTC derivative, thus it'll be valued different than by NAV. And if it gets added to S&P MSTR will get buying pressure which is indefferent about its NAV. It's high risk for sure, but I think there's a compelling case why it could go much higher due to these financial dynamics and not being an ETF but a running business with cash flow. 2021 top was 6x to NAV, so it has happened before already.

But yeah, MSTR is just few percentage speculation for me. Only thing I'm speculating atm – everything else in BTC – because in my estimation there's a good risk/reward ratio to outperform BTC – especially in a bullmarket.