I would not presume that you would do any of that on purpose.. except remember the trade that you were considering as a good one? something like shorting MSTR... and going long on GBTC... sure there might have been some aspects of that that might have had worked out, if I am remembering correctly... ..
I was horribly wrong on that trade, and the blue line is a testimony of that.
According to my understanding prior to the ETF launch, the blue line should have collapsed to 1, as the ETF would have been a far superior way to track BTC.
The reality is that Micheal Saylor was very good at selling the "BTC YIELD" thesis, so the blue line increased over time.
I had to stop on that trade and lick my wounds.
Now, after having listened to every possible speech from MS, I am actually pondering reversing it and using MSTR as a leverage bet on BTC, accruing more sats per unit. I am not sure I am degenerate enough to do so, tough.
On a personal level, I am good enough with just the returns on BTC without the extra complications of third party execution risks, and unknown unknowns that are associated with adding an additional layer of risk - even though surely Saylor seems to have had structured his debt instruments quite ingeniously.
I used some variation of this example earlier. Let's say that I have 35-ish BTC and you only have 7-ish BTC, and both of us have a target to reach about 21 BTC in order to feel that we are at entry-level fuck you status (based on current market conditions and wherever we might be in our lives), so maybe I am sitting back and I am content because I have about 66% more than what both of us consider to be entry-level fuck you status, and maybe I am already living off my BTC and not necessarily earning income from other places.
You on the other hand are about ONLY 1/3 towards your goal, even though we know that with the passage of time, maybe even by mid 2029-ish (it may well be the case that 7 BTC will then be worth the equivalent of today's 21 BTC, so less preferred scenario, you consider that you might be wanting to at least get to entry-level fuck you status, and you might even want to get to a similar situation as me, in which you have around 60% or more extra cushion in the size of your stash, so you keep stacking and you are willing to take some chances, since you might not even be urgently wanting to get into fuck you status until you are sure that you have a large enough BTC cushion.. so if 7 BTC is entry-level fuck you status in mid-2029, you would prefer to have double entry level fuck you status, just to feel sufficiently comfortable when you might start to spend from your BTC stash (rather than being in the process of accumulating it).
I am just suggesting that there could be reasons that guys might not want to overly complicate their investment portfolio, even though MSTR does seem like a good place to potentially outperform BTC, perhaps?