The exchange is a fee business wearing a volatility costume
It traded at 199.26, +1.29% today. Owning the venue is a bet on turnover, which is not the same bet as owning the asset.
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COINMSTR
Stock
MSTR
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Delayed
Notes mentioning MSTR
3The leverage is the product, not a side effect
People describe the shares as bitcoin with extra risk. It is more accurate to say the extra risk is what the shares are for.
Free 2 min read
A premium to the holdings is a cheaper cost of capital
The premium and issuance arithmetic I track, and the level where it stops working.
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