Saylor is very careful not to include in these graphs a comparison with other companies that are proving to be much more profitable, such as Metaplanet or ALTBG. In these cases I could argue that it is because they are not USA companies but I am looking forward to companies like XXI Capital being launched and seeing the comparison of the first 6 months. I would bet quite strongly that the profitability in bitcoin per share of these companies will be higher than that of MSTR for a mathematical reason: it will be relatively easy for these companies to double, triple, or more their bitcoin holdings, while it will be impossible for MSTR to obtain such profitability.
This is going to be very true at the beginning of the operations of XXI Capital, correct.
I think it’s one of the limits of the BTC yield concept, and we would need some new kind of indicators to make it fair amongst the two.
On the other hand, Microstrategy would enormously benefit from other firm hoarding bitcoin, as it will make their stash even more valuable without spending a single dollar.