Microstrategy is a company and a company can’t hold Bitcoin, individuals do, so I agree with you on that. And yes they’re very much permissioned by the State - custodianship, FASB accounting, public filings etc. I very much get and concur with your opposition to corporations, they make little sense in a Bitcoin world but I’m talking from the fiat system lens.

Not sure I fully agree with “neutered the entire value proposition of Bitcoin”. Certainly not for other Bitcoiners, MSTR’s use/lack thereof doesn’t affect other Users so it hasn’t neutered anything (although re my last point I can see being on the opposing side to them in future).

But also NGU is part of the value prop of Bitcoin, and they’re definitely exposed to that element of it.