Wall Street thinks Strategy’s shares will double - you need to be ultra delusional to believe that

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Vol gone. mNAV ≈1. Issuance dead. Strategy doing 2x is fantasy.

Bitcoin is +30% YTD.
Strategy (MSTR) is -10%.

You didn’t buy BTC.
You bought a volatility arbitrage shell.

Strategy was never a “Bitcoin treasury”.

It is a hedge fund vending machine.

I explain:

MSTR had 2 engines to raise capital:

- Mispriced convertibles sold to hedge funds
- ATM offerings dumped on retail when mNAV > 1

Those days are over:

Volatility collapsed …

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