Like sure, MSTR has bought a lot of Bitcoin, but their execution and messaging have been poor enough that effectively no beta value has been created for holders of the common stock since early 2024 vs if they'd just owned BTC themselves. At Feb 2024 level now. Almost back to strategy genesis levels of Aug 2020 vs BTC. Unless you bought perfectly at prior bear lows and cashed out in Q4 2024 when it was parabolic (almost zero MSTR investors nailed this) you've gained very little vs the underlying since covid summer and are soon to be at lifetime parity. Every stock holder of the past two years has underperformed spot Bitcoin.(𝐓𝐗𝐌𝐂)