I do think the huge gains in MSTR are going to be syphoned off to insiders with pref shares and these derivative products. It will probably still go up, but not like we saw before.

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Stock value will likely trend towards 1:1 over time, but I've never owned MSTR. I can't bring myself to buy more Bitcoin for Saylor when I could buy my own.

Buying any stock instead of Bitcoin is reductio ad absurdum.

The hurdle rate is Bitcoin, plus self custody.

Well said