One reason Saylor shifted from convertible notes to perpetual preferred equity is that even ~5 years was not a long enough duration to pair with bitcoin. Bitcoin is a long-duration asset. It requires long-duration leverage to be matched optimally. That’s why short-term price action can be misleading or confusing. When a bitcoin treasury company trades down or sideways for weeks, months, or even a year, it does NOT mean the strategy is failing. The corporate strategy behind intelligent bitcoin leverage is not about outperforming bitcoin over a quarter or a year. It’s about positioning to outperform bitcoin over the next decade.(Joe Burnett, MSBA)