The TAM for $MSTR is so much higher than you realize. The simple bull thesis here is if you believe in a BTC-denominated world, which seems to be where the US is headed (gold-backed to dollar-backed to digital/BTC-backed), such a world needs an expansive set of products based on the underlying. More importantly, he has built robust new levers to continuously fund his perpetual BTC stacking machine. If mNAV is not attractive enough on $MSTR to do an ATM? He can fundraise from various new products: STRK, STRD, STRF, STRC. With the most recent $STRC, he's found a way to target credit investors ($7tn TAM at 0-4% APY) with a BTC-proxy "safe" credit play. Not to mention it's listed on Robinhood so has access to $120b AUC there from retail – at 10.5% could this be the new retail high yield savings account? By doing so, @saylor has created a full-suite of products targeting investors at each stage of the capital stack – those who want yield, cash flow, equity, credit, etc. – varying degrees of risk. While it takes time for each of these products to grow, imagine a world where they equally have similar amounts of volume as $MSTR equity, and can pick and choose how to fundraise depending on where we are in the cycle and how market conditions look.