I read thru some of the transcript and hope to listen later.

Since there's no such thing as perpetual motion, one way I try to justify the extra premium is from the bond holders who are locking in a less risky partial Bitcoin exposure and giving that remaining exposure to the shareholders who love it because they believe in Bitcoin long term.

But that's how I imagine it, and don't know if that maps to reality.

To get leverage via ETF, wouldn't the volatility magnify losses on down days? Whereas MSTR Bitcoin per share doesn't decrease on a down day...?

Someone mentioned how levered ETFs can go to zero with volatility whereas call options on a stock represent a contract that doesn't get eaten away by downward volatility.