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that's the idea, anyway. Gets tricky with perpetually rolling over debts, debts that convert, financing the liabilities when bitcoin doesn't goes up in a straight line etc etc.
It's hardly symmetrical... (much worse downside) and also, if you wanted 2x daily BTC/USD moves, there are products for that. Why is there a corporation in-between?!
In some countries holding KYC bitcoin is illegal or unfavorable. But Nasdaq-listed foreign shares are available at every broker. If I want a quick exposure without telling the government that I'm into crypto, I can buy those shares.
Oka, I hear that, but isn't living under such a government exactly the kind of situation where you want as much (non-KYCed) bitcoin as possible...?
Yes and yes, I do. To pretend to be a law abiding citizen I own a bit of regular assets, file reports and pay some taxes. Living solely on bitcoin is tough and dangerous in such countries. But I pay cash upto the legal limit when dealing directly with people and tell them about Bitcoin.
equity = assets - liabilities
If assets are bitcoins and liabilities are fixed debt, you get a leveraged play. Bitcoin is up 1%, MSTR is up 2%, for example. So $100 in MSTR behaves like $200 in BTC. No magic here.
Second consideration can be taxes. With proposals like this circulating in the rulers' heads, I'd prefer holdings in MSTR to BTC. For a small portion of my net worth that is KYC that is. My European banks don't list Bitcoin ETFs...