I think people assumed what Saylor did was riskier than it actually was.

Like Saylor using corporate debt to buy Bitcoin is very different than a retail trader trading on margin.

Like Saylor only has to meet the terms of his debt agreement and he will never be margin called.

The money to be made in the MSTR trade already happenened imo.

The money that was made was making a bet that the risks were not as big as the average investor thought they were.

At this point MSTR is in the NASDAQ 100. Saylor can't do much better than that. Maybe he gets in the S&P 500 but that's the last big thing he can do with MSTR in terms of getting added to index funds.

I believe MSTR getting added to the S&P 500 at best would create a very small increase the price of the stock and will mostly be symbolic in the sense that Bitcoin is fully ingrained in Traditional Capital markets.