Here is how to explain MSTR right now.

Imagine you have a friend who has a relationship with a bank and can borrow money on margin. You give him $1000, and he can borrow $5000, using the $1000 as a down payment.

Now your friend buys Bitcoin with the $5000, which he pledges has his collateral for the loan with the bank: if Bitcoin goes down by 20%, the bank forecloses and you both lose everything since the bank would be underwater if they didn't collect.

Now imagine the deal with your friend was this: if Bitcoin goes up, and the investment profits, then you only get 30% of the profit and your friend gets 70%.

MSTR at a ~300% premium over their actual BTC holding last I checked, so the above is basically what is going on here.

I get wanting to buy Bitcoin on margin (super risky, high reward), but essentially giving MSTR a 3x premium for just doing it for you is pretty silly. If you want to buy BTC on margin, then... buy BTC on margin and keep 100% of the profits, not 30%.