Yeah that makes sense. Saylor should just spin off the BTC portfolio as closed end fund and let MSTR go to its correct valuation.
Even Buffett isn't crazy to short crypto-based assets. However, a safer way to do this is by buying PUTs. If you really have conviction, then go load up!
I think the current state of crypto is much more dire than people believe. The implosion of $LUNA and stablecoin $USD was epic. Now that a good proportion of the public has busted, the contagion will spread to $USDT and eventually $BTC itself. Basically, Tether untethers in due time. Regards, PTR