at 1 mnav many etf holders can sell their etf, claim a loss deducte that loss from their earnings and rotate into mstr at an mnav of 1. now they have a bitcoin etf that has the potential to grow in bitcoin per share terms. buying both etf and mstr is inferior to self custody but if you are playing mstr because you still live in a fiat world then mnav of 1 is always the correct entry point
at 1 mnav many etf holders can sell their etf, claim a loss deducte that loss from their earnings and rotate into mstr at an mnav of 1. now they have a bitcoin etf that has the potential to grow in bitcoin per share terms. buying both etf and mstr is inferior to self custody but if you are playing mstr because you still live in a fiat world then mnav of 1 is always the correct entry point