A few thoughts about $STRK, obvious to some, but I know a lot of people don't follow this so closely and I think it's potentially a very valuable tool in the bitcoiner toolkit.

$STRK pays an $8 qualified dividend per share per year. $STRK can be converted 10:1 into $MSTR when $MSTR is over $1000 per share. At that point the convertibility is therefore worth $100. With $MSTR at $2000 the convertibility is worth $200, etc.

At the moment $STRK is priced at $107 and $MSTR at $378. IMO this means the conversion is priced at $37.8 and the remaining $99.2 is based on the $8 per share yield (effectively an 8% yield).

As $MSTR goes up well over $1000, $STRK will trade in lockstep with $MSTR. AKA as $MSTR goes from $2500 to $5000 $STRK will go from $250 to $500 + a small premium for the $8 per share coupon and the fact that $STRK is higher in the capital stack of @Strategy than $MSTR.

If $BTC does a 5x to $500k you could imagine that $MSTR might do a ~10x to $4000 and in that case $STRK would do a 4x to $400 (plus the aforementioned premium). As $STRK goes up it still maintains its $8/share qualified dividend, but that equates to an effectively lower yield of 2% in the $400 example. So the portion of $STRK that's priced based on it's yield will go down as $MSTR goes up.

So in however long it takes $BTC to go to $500k would you rather get a 5x with $BTC and 0 counterparty risk, a 4x with $STRK and an $8/share coupon (and counterparty risk), or a 10x with $MSTR and no coupon and counterparty risk. Also keep in mind that once $MSTR is over $1000, $STRK's performance should match $MSTR's (aka outperform bitcoin's), but the yield will be much lower by then. That's my outlook, do with it as you will, No recommendations here, not financial advice, just some thoughts.