It's not a bad way to get Bitcoin price exposure for funds trapped in the fiat system.
Is it better than an ETF? Maybe 2x better right now but probably not 3x better. It really depends on how high you think the premium will be allowed to go.
It's a fiat instrument & will also probably move to a discount at some point.
FAFO
Love it
It makes sense if you are restricted by a covenant that only allows you to buy equities. The multiple can’t last, why would anyone who is not restricted by a covenant give Saylor 2-3x to buy bitcoin for them?
He can only accrete to the shareholders if another actor is willing to pay more than what the stock is worth. If MSTR operation doesn’t lose money, it’s worth 1:1, if they could make money and buy bitcoin maybe it’s worth more looking forward.
That's the thing. There's so much fiat that's essentially forced to invest in stocks. That premium could go well into the double digits.
This thing is going to be epic to watch unfold.
