⚡ I used to see Strategy as just a leveraged BTC bet, but its original edge was solving an access problem before Wall Street had a clean route into Bitcoin.



Brian Armstrong says Saylor realized many funds could buy public stocks but not BTC directly. That made MSTR a bridge for restricted capital.

Now that spot ETFs exist, access alone is no longer enough. Strategy’s edge depends on whether it can keep raising capital accretively without leverage turning the same flywheel against shareholders.
$BTC #SummerCreationCamp
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