The most bullish thing about MSTR is that the balance sheet is already loaded. If Bitcoin rises from $63,242 to $750,000 while Strategy buys zero additional Bitcoin, issues zero new debt or preferred equity, keeps cash flat at $3 billion, services every preferred dividend through common issuance, and receives absolutely zero mNAV expansion, $100,000 in Bitcoin becomes $1.185 million while $100,000 in MSTR becomes $1.652 million. Bitcoin going up ends up transferring the residual value to common equity and driving Bitcoin exposure from 143,643 to 200,120 sats per share despite 8.6% dilution. That alone produces 39.3% more terminal wealth than Bitcoin, 466 additional percentage points of total return, and an 11.24-point annualized return advantage. This is the scenario where Strategy’s capital markets operation spends five years legally dead. Any accretive STRC issuance that purchases more Bitcoin merely reloads the trebuchet. MSTR does not need future financial engineering to outperform Bitcoin...the existing balance sheet already contains the amplification, and future execution is upside optionality. Dilution FUD killed in one simple chart: