Sold 0.4 BTC at 98200 a couple weeks ago.

MSTR is a pyramid scam/scheme.  A well disguised scheme to find new suckers to buy $1 of Bitcoin for $2-$3.  The people buying stock at market price (either on the market or newly issued) are getting a very bad deal.  It will collapse when they run out of new suckers.

You cannot create value with financial shenanigans.  1 BTC is still worth 1 BTC.

The bondholders get priority over stockholders. So when bitcoin plummets - the stockholders could get zero.

The amount of leverage offered is very small. If you want leverage, buy options. If you want to borrow money, borrow your own money (or better yet - reduce your expenses).

Historically the GBTC premium when negative. It could happen with MSTR.

It's amazing how much hype and inaccurate coverage this is getting.  People like Michael Saylor because he is a rich charismatic leader who is pumping Bitcoin.  They think he's smart, but he's playing them to pump his stock.  The convertible bonds are very useful to confuse people. Saylor has created all sorts of terms like "Bitcoin return" which should be illegal. 

It's fascinating to see how scams have evolved from stealing money outright, to ponzis, to complex ponzis (like Celsius and Axie Infinity) to a NASDAQ 100 pyramid scam.

While it's tempting to try to short MSTR, this is extremely hard to do. It makes more sense to wait for it to collapse, drag down the crypto markets, and buy cheaper crypto assets.

It's impact - on collapse - is likely to be similar to that of FTX + Celsius.  Currently MSTR is $35 billion market cap over BTC value - and it's core software value is low.