$500 millions a day? From the bitcoin holding maybe, but definitely not from the business intelligence and data mining side. The valuation of MSTR today is basically based on its bitcoin holding.
I once again closed out my MSTR derivatives and got out flat today. Locked in profits and am going to be very cautious for a while. When Baron and other elite traders are using exit liquidity to get out... that's time for me to de-leverage and be careful. I will still hold onto my MSTR shares in my registered account, but I'm done with leverage on this for now. It is trading far too high above assets, and the SAAS side just loses money.
I used to own a lot of mREITs starting about 2003 after I took losses on Cisco & Sun Micro. New Century, Annaly, Novastar, etc. If I remember correctly the collapse of New Century was the canary in a coalmine moment for the real estate bubble back in 2007. Novastar Financial turned out to be a fraud run by ex-cons.