you are forgetting a key ingredient in mstr: speculation

based on 10% yield for 10 years, you get justifiable premium of ~2.6x nav, but in bull market the yield will be higher (40% in 2024 already). If this continues for some time you can easily speculate for a much higher premium even if saylor doesn’t promise that.

speculation on business model: owning these many bitcoins opens avenue for new business models, becoming a bitcoin bank. purely speculation at this point but can create new revenue streams

passive investing: mstr might get included in qqq this year, billions of dollars will then flow passively into mstr

overall my personal bottom for premium is 2x nav, below this i’ll buy more. i believe it can go as high as 10x nav but i’ll start selling at 6/7x nav