What’s really going on under the hood of Strategy’s (MSTR’s) playbook?

Why are investors choosing MSTR over simply buying Bitcoin? Artemis just completed a full deep dive. We break down the unit economics behind their convertible and preferred offerings, explain key concepts like “Volatility is Vitality,” and tackle common questions — like why the premium exists in the first place.

To fully understand MSTR’s strategy, check out the full report in the comments.

Here’s the executive summary of key insights:

1. The launch of Bitcoin ETFs and public support from figures like President Trump signal a major inflection point for global institutional adoption — setting the stage for a compelling long-term, high-CAGR outlook for Bitcoin.
2. ETFs act as a bridge between the crypto ecosystem and global financial markets, providing a secure, regulated, and scalable vehicle for capital inflows into digital assets.
3. Strategy’s core thesis is to arbitrage its cost of capital and Bitcoin’s long-term CAGR.
4. No margin calls — their financing structure is built on non-callable, long-dated liquidity.
5. They’ve seemed to have MOVED AWAY from convertible bonds (selling vol) to the fixed-income market — 100x the liquidity. This is their next growth phase.
6. mNAV premium reflects BTC/share growth expectations — not $BTC price. High mNAV = faster growth, not overvaluation.
7. The MSTR trade is durable because its convertibles and preferred equity — especially STRK — are superior to other bond products in the market.
8. Expect regional MSTR replicas driven by jurisdictional regulatory constraints.
9. The MSTR playbook doesn’t extend to other crypto assets — institutions will not buy derivatives/bonds backed by Altcoins.
10. As US Treasuries decline as a global hedge/reserve asset, the door is opening for Bitcoin-backed bonds to emerge as a credible alternative.