Apparently a lot of people still haven't figured out that the goal of $MSTR is to increase their stack of BTC in a way that guarantees that the "BTC held per MSTR share" is always going up.
This means that if the NAV is a theoretical (!) floor for the stock price, then this floor increases both with the USD returns of BTC and with the 'BTC yield' provided by MSTR financial operations.
So you can see it as a stock that has a floor which outperforms BTC by design.
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