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.