$MSTR vs $ASST and some things to keep in mind: 1. Institutional allocation constraints: Large institutions operate under concentration limits, risk mandates, and portfolio construction rules. A 3% allocation can represent an enormous amount of capital when applied across institutional portfolios. 2. An entirely new asset class is emerging: Digital credit is still in its infancy. Strategy (MSTR) pioneered the corporate Bitcoin treasury model, effectively creating a new way for public-market investors to obtain Bitcoin exposure through corporate capital markets. 3. First-mover advantages matter: Strive (ASST) is positioning itself within that emerging market. Its preferred securities, capital structure, and dividend products are competing for a market that barely existed a few years ago. Its daily dividend-paying preferred product is also a notable innovation. The mistake is evaluating these companies exclusively through today's multiples, premiums, yields, and balance sheets without considering the potential size of the market they're creating. If digital credit becomes an established institutional allocation category, even relatively small portfolio allocations could translate into extraordinary demand. @ColeMacro touched on this in a recent pod on @HurdleRatePod.