The case for MSTR:

- It's recognised as collateral by banks, so you can borrow against it, thus it's an early form of a BTC mortgage.

- In terms of leverage, TradFi lends USD at 6%, crypto lends USD at 8%-12%, long positions in BTC futures markets are 30%+

- Everytime MSTR does a leverage buy on cheap financing the valuation will boost, so it's already acting like a levered BTC long

- The company's free cashflow has a 2% fee advantage over the ETFs. So for a 10 year HODL period that efficiency is worth +22% in value even if BTC price does not increase, if it does increase then its more exaggerated.