MSTR is not going to be the LUNA of this cycle unless BTC itself goes to zero somehow (possible, I suppose, but about as likely as JPM going bankrupt at this point). Complete demolition of MSTR would require BTC losses to the point that their total stack is worth less than the outstanding debt. That's a catastrophic number for BTC. That doesn't mean it can't get pretty bad, though. Taking on debt exposes you to downside volatility. It's great on the way up, but exceptionally painful on the way down. And crypto always has drawdowns. To me, this was the argument to just own an ETF like IBIT, FBTC, HODL, etc. and just forget it about it. MSTR could get forced out of the trade via blowing up, but they also could be forced to de-lever at bad prices that will greatly impair future returns (vastly more likely, in fact), which means it's just an ETF with stratospherically higher "fees" in the form of having to pay off all the debt holders. Put differently: unless you think Saylor is a vastly above average hedge fund manager who can time markets, just own the ETF and stop overcomplicating shit. This is crypto, thus everyone can't stop using perps with 50x leverage and getting liquidated like retards, so this will never happen. However, to say it again, just buy the ETF and chill if you are a BTC believer and want it in equity form factor.