"What logical sense does it make to buy $mstr instead of $btc directly?" Fully diluted mNAV of $MSTR on Jan 1st, 2023: ~1x Fully diluted mNAV of $MSTR today: ~1x Outperformance of $MSTR vs $BTC between these two dates: +120% In other words, in both situations (early 2023 and now), MSTR was trading roughly at its "floor" value of its BTC reserves (NAV), but this MSTR "floor price" is now 120% higher, denominated in BTC. The only and main goal of Strategy is to increase the BTC-per-share ratio, and this ratio has been increased consistently, which leads to a mechanical outperformance of MSTR against BTC.