I think a huge mistake that MSTR investors are making is assuming the value of MSTR is somehow tied to Bitcoin in the first place. It's clearly not because MSTR is already on record as saying they're never going to sell the BTC... and especially not to do stock buybacks. The value of MSTR stock has nothing to do with the price of BTC but the market seems to think it does, which thus far is creating a self-fulfilling prophecy.

Curious to see how long this can continue... I'm guessing MSTR gets absolutely wrecked in the bear... it's basically a shitcoin at this point and people will realize the value of the stock can easily go lower than the amount of BTC they hold... just like Greyscale before them with the 30% discount before spot ETFs were approved and their product was just a vaporous futures contract.