I've been saying this even before his started the preferred stocks. Now his plan is looking even more unstable. I think a lot of people were blinded by his enthusiasm — finally a big name who is by all appearances is as pro-BTC as we are ! —  and started to see MSTR as a safer alternative, a way to protect themselves from the dramatic drops. Then with the preferred stocks, the idea that we can earn a monthly or quarterly income while still supporting BTC is appealing, but unlike all the other ETFs, this one has Saylor's name. In other words, I think he has bamboozled a lot of people. Maybe even himself. But he has set up a house of cards that will be harder and harder to prevent collapsing.