Bitcoin DATs like MSTR are issuing preferred shares (STRC, SATA) yielding ~11-12.5%. Looks attractive, but: ⚠️ Still a directional BTC bet. No native yield = dividends need BTC to go up. ⚠️ CCC-rated risk with 50% annualized vol underneath. ⚠️ ATM BTC covered calls imply ~33% yield. If BTC is flat or up, they outperform. For clean BTC exposure in a brokerage or retirement account, many investors believe spot ETPs are still the move. Read the full blog from @LowBeta on the Stack here: https://www.grayscale.com/the-stack/no-need-to-stretch-for-bitcoin-exposure(Grayscale)