When you convert mark to market change in asset value to "net income" as justification for a "multiple". You are perpetuating a Ponzi scheme. $MSTR. One quarter in the future. BTC will be down 10% maybe 20 or 30%. In that quarter MSTR will report "Net Income" LOSS that will be in the top 10 in history. You don't pay a multiple to the change in value of a closed end mutual fund. You pay 1.0x the MNAV
Strategy is misunderstood and undervalued. $MSTR
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