The idea that the stock of bitcoin treasury companies will outperform bitcoin in a bull market (i.e. stock will go up more when other people are buying bitcoin is the same logic as alt-season). What is different is this: the net asset value of a leveraged bitcoin treasury company will go up faster than bitcoin when bitcoin is increasing in purchasing power as a function of fiat leverage. If you miss this distinction of market value vs. net asset value and how the stocks are valued relative to net asset value, you are missing the fundamental. The market for bitcoin and the market for stock are distinct markets. You can't buy both the stock or bitcoin with the same dollar. Every buyer (i.e. the market) has to choose one. How the stock is *priced today* vs. how the fundamental of risk dictates the market will price it relative to net asset value is determinant of stock price outperformance or underperformance. After this brief violent move higher, MSTR is now trading at a discount to NAV. Why? If you are paying a large premium above NAV to buy Strive, you're simply becoming the MSTR buyer of 2024 and creating the same hole for yourself. Just save in bitcoin. Sell the stock, it's what the company does.(Parker Lewis)