They've been issuing shares to buy more bitcoin. While that's traditionally dilutive in this case if you're buying MSTR for bitcoin exposure it's actually accretive with each share indirectly controlling more BTC (since it's trading at the equivalent to a discount to it's NAV). I'd call it a just a better GBTC / better BITO. No fees, and as long as the market disagrees that it's a good idea and undervalues the bitcoin it's leveraged.