I’ve been in the MSTR trade for almost 4.5 years (due to the FCA). You can tell most people on this platform weren’t here when the mNAV compressed well below a 1x mNAV during the previous bear market. At this point, MSTR have reached escape velocity and the market is inefficient on its future pricing. But that becomes the opportunity for investors. The entire sector has seen compression, which will spring back due to its cyclicality. Leaps have and will always remain the preferred option.