Quite possibly. But the neat thing is that if other companies start doing this, bitcoin moons and MSTR gets dragged up with it.

I feel similarly about the spot ETFs. In one way ETFs detract from MSTRs investment proposition as Bitcoin exposure, but in another way they compliment it by increasing bitcoin demand (and hence the price of MSTRs BTC treasury).

In my mind the only thing that matters is if MSTR can hold onto their stack. They really just have to sit and wait for the rest of the market to play catch-up with the BTC play.