It’s absolutely better to just own straight corn.

That said, this same exact argument was made at the beginning of the year when it flipped back to a premium against the underlying bitcoin and it preceded to melt face in the fall.

The nav will roller coaster for sure, but over the long term, if MSTR as a company does not beat out the underlying asset it ultimately fails as a company.

The existential goal from a first principles perspective is to continually outperform bitcoin any way they can.

The only way to accomplish this is to never stop stacking.

Will it work and for how long? Big questions for sure.