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image Oh, oh, I know, I know! People are unsatisfied simpletons that know nothing about trading, investing, or returns. MSTR has out preformed everything for a long time. Fundamentals are absolutely stacked. It trades a varing and growing over time multiple. It is linked to bitcoin performance but not glued to it. When Bitcoin runs hard MSTRs technicals flip bullish and mnav rips higher with higher ATH stock price and mnav multiples. When btc goes into chop mode you get the recoil on the volatility and a technicals reset. Bitcoin will drag it higher with higher moves but until MSTRs own technicals start to flip bullish it will "underpreform" if you are looking at a 6 month time frame. If you dont understand what you are buying don't or do some research or read a book or shut the fuck up or whatever. What's wrong with the best preforming asset over the last 5 years? What a piece of shit it underperformed BTC for 180 days. Morons.
The MSTR holders are likely to be the most bullish on BTC/USD, and hence a good 2025 was already priced into the MSTR The holders of the bonds might have been less optimistic, and hence those prices could increase more with good BTC/USD news (Just my random guess. Anybody can make up a story to fit any data 🙂)