Thanks for the feedback. I need to setup some non-taxable accounts as that does make it harder to move in and out.

In my view, the sweet spot for MSTR is OTM calls that are cheap enough to offer strong leverage, but not so far out of the money that the odds of profiting drop to near zero if the plan is to exercise. I once bought $30 calls for pennies when the stock was trading at $15. I wasn’t betting on it going to $500 — I was aiming for something like $100, which would’ve still delivered far better returns than simply holding the stock, while leaving room for explosive upside. This kind of trade gives you leveraged upside exposure (in my case, 21,000%) while still being somewhat conservative. You take the longest view possible — because you’re betting on being directionally right, not on timing the exact move.

mNAV being high is a good metric — it means that the stock is trading at a premium, which is something Saylor can arbitrage to buy more BTC. I personally see anything above 2x as a high premium and anything above 2.5x as very high. The other metric to keep in mind is the Debt to Asset ratio — generally I expect Saylor to always have some level of debt used to buy BTC. In terms of what is considered a low ratio (indicating a potential incoming buy), I haven’t done an analysis. @PunterJeff I believe might have some insight on it!