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More financial nonsense from Saylor to justify paying $1.70 for $1.00 of Bitcoin. Credit Amplification? Not only is $MSTR not very leveraged (net debt + pfd is only 11% of enterprise value), but investors can borrow themselves to buy bitcoin, at rates lower than SMSTR’s 10-12%. (2) Options Advantage/Passive Flows? Derivatives are already available on Bitcoin, and will increase with time. More importantly, the temporary lack of access to them or inability of certain investors to buy Bitcoin is more a disadvantage to those investors, not a plus for $MSTR. (3) And Institutional Access? This is his most disingenuous argument. Look at the numbers. They’re absurd. $95T of capital can buy $MSTR securities, but only $700B of “private capital” can buy Bitcoin and/or Bitcoin ETF’s…?! That’s just false. (4) Here are the Disadvantages: First, double-taxation. At the corporate level (and no one is factoring deferred taxes in the NAV calc) and investor level. Next is agency and custody risk. Why hold an asset designed for personal control in a structure that someone else controls?! (5) Finally, and most importantly, is Price. Paying a substantial (70% currently) premium for a fungible digital asset that everyone else can buy for no premium, because of the silly/false arguments above, is rarely a wise financial decision. Caveat emptor. $MSTR