MSTR is a leveraged BTC position linked to the Nasdaq index. 843,000 BTC are held as ballast, with an average cost of 75,500. Now that the current price pulls back, the "BTC per share" metric keeps climbing under the pace of additional share issuance. If institutions can’t directly buy BTC, they use it as a compliant entry point. I believe BTC will make a new high in the next round; then MSTR becomes a β-amplified accelerator. It suffers harder drawdowns, but when the direction is right, it eats more profit than the spot market.

#TradFi晒单