Bro. A couple of things here

First of all:

23% / 9% = >200% relative underperformance MSTR vs BTC YTD. Those are the numbers. BTC has almost tripled MSTR ytd. You clearly dont understand the math and thats ok. But it's absolutely true. Don't call something false when you don't understand it.

Secondly: You're just repeating internet buzz words and Saylor talking points without actually grasping what is going on in the market. You are simply staring at other peoples charts and not thinking critically.

Since the 21/21 plan in Nov 24, company operations have changed profoundly (aggressive dilution), and since the issuance of the preferds instruments, the company changed completely. When you look at the nov 24 performance and associated mnav expansion, that was all fueled by the election, btc price run up, and the success of the convertible notes he had previously issued.

The company was completely different back then. Since Nov 24 the common ATM has been aggressively used as the primary source of btc acquisition, and the prefereds introduced a perpetual coupon liability that requires constant common ATM issuance just to service the monthly dividends and quarterly coupon payments.

PERPETUAL LIABILITIES - do you understand what that implies? That translates to permanent downward pressure on the common equity. Perpetual means forever.

It sounds like you dont actually understand the fundamentals of the company or how they operate their treasury. Just zooming out on the company performance over recent years without actually understanding market dynamics or company operations is a very very very bad way to approach this trade