Institutions first then retail? I'm not sure I even understand the difference in the different tickers, but that's what I understand. MSTR was just a regular equity (later backed with a Bitcoin treasury.) The derivative? tickers were first offered at huge denomination buy ins that is not for retail.

Or something. But then who's buying all these MSTR-derivatives?

denlillaapan

Yeah, I might be a bit cavalier with my assumptions but, was really odd read.
Well, I was under the impression not just just pension funds, but any company wanting to buy Bitcoin because.. it's supadupa risky asset. Right?