MSTR is performing adequately but underwhelmingly; it remains a levered play on Bitcoin that should outperform in the current bull market, notwithstanding dilution via ATM and STRC repurchases.

MicroStrategy also is doing okay, but not as strong as you'd expect. Let's zoom out a little bit more. One thing that um you know, you know that Michael Saylor's doing right now, he's ATMing so he can get more funds in his dividend fund paying account for his STRC cuz he's dying to get that back to 100. So, even if Bitcoin was going up, MicroStrategy went up quite a bit, too. In fact, it went up more than Bitcoin did. Let's measure the move from top to bottom, 40%. Okay? That's about 10 percentage points more than Bitcoin went up. Bitcoin up at 23%, 25%. And MicroStrategy is going to 40%. So, that's a good sign that it is still a levered bet when the bull market is on. MicroStrategy should still continue to outperform the problem is he is ATMing to build up funds. He's also buying S-T-R-C back.