Today, bitcoin has seen the largest 30 day destruction of capital in its history. Roughly 28.4 billion US dollars have vanished from the realized cap (the aggregate of all dollars invested in bitcoin at the time of purchase) over the past month. Be careful out there.

MSTR is up just ~11% in USD across its entire BTC buying program since 2020. It may turn negative again, as in 2022–23. By my estimates, it now trades below its BTC holdings, with an mNAV of 0.79.