MSTR's owner is really smart. Before MSTR, the hottest cryptocurrency stock was GBP. It charged a 2% trust fee annually. GBP and BTC's trends were similar. MSTR was the opposite. You buy my stock (debt-to-equity conversion). I'll treat it as a loan to you. I'll give you 2% interest. If you don't want the interest, you can exchange it for stock. Then your equity will fluctuate in the same direction as BTC. If you were a GBP LP, you would sell your GBP without hesitation and lend money to MSTR to get preferred stock. Compared to GBP, MSTR not only has no trust management fee, but also extra interest. The stock's volatility is even equivalent to 2x BTC leverage. Reminds me of that famous story: Two people met a bear in the forest. One person knelt down to tie his shoelaces. The other asked him, "Do you think you can outrun the bear?" The first person said, "I just need to outrun you." MSTR's plan is obviously not perfect. I've never understood why MSTR's shareholders would agree to this kind of off-exchange leverage. In reality, these LPs... The original intention was to buy BTC. MSTR simply provides a more convenient method and more favorable terms. In other words, why are we willing to buy MSTR now? Aren't you afraid that MSTR might collapse and BTC will plummet? It's because we originally planned to buy BTC, but we discovered that compared to buying BTC directly, buying MSTR actually offers a better deal! So we bought MSTR. MSTR doesn't persuade you to buy BTC.