Many people treat MicroStrategy as 'leveraged BTC,' but they’re actually buying the wrong asset. Its real excess returns don’t come from holding BTC, but from a flywheel effect: stock price trades at a premium above NAV → use that premium to issue more shares and raise funds → use the funds to buy more BTC. With each cycle, the BTC per share doesn’t decrease but actually increases. In other words, what they’re selling is that premium layer, not the BTC itself. So, the focus should be on the premium, not the BTC price. If the stock price drops back near NAV, the flywheel stops. What’s left is a leveraged, closed-end BTC fund burdened with rigid interest and dividends—historically, such things trade at a discount. Why would anyone give you a premium for that?