$Strategy(MSTR.US) As long as he is determined not to sell, this stock is a stable double or more, a 10-bagger in 5 years. If he sells, it will enter a death spiral. The market is still saying its software business is no good, that it's just a Bitcoin casino, and hasn't figured out what its newly launched Mosaic is for—it's giving the entire enterprise data an AI brain. It has even ranked first in Gartner user ratings for four consecutive years. You call this just hoarding coins? Its core software business is not only alive, but has grown new teeth.

That "left foot stepping on the right foot" play you see as a Ponzi scheme is actually the hardest financial engineering. The higher the premium rate, the more financing; the more financing, the thicker the Bitcoin reserve per share; the thicker the reserve, the more the stock price can hold up—this cycle has been running for four years, delivering over 15% annualized accretion to shareholders. Which Bitcoin ETF can do that?

The funniest thing is, while MSCI is considering kicking it out of the index, the stock's premium to Bitcoin net assets remains stable above 180%. So what if it gets kicked out? The selling pressure from passive funds can be absorbed by its financing in just three days. You're pricing a company that can use its equity premium to buy its way into becoming the world's largest Bitcoin whale as if it were an ordinary cyclical stock—is this a bargain you should be greedy for?