For all the tweets from @saylor and his faithful herd, the reality is $MSTR has underperformed BTC, not only today (by 0.9%), but in the last 1 month (by 12%), last 6 months (by 45%) and last 1 Year (by 48%). $MSTR was supposed to outperform BTC, not underperform it. And this isn’t a time horizon thing. Everything changed mid ‘25 as $MSTR’s mNAV premium collapsed and its ability to issue cheap converts and expensive pref withered away.