Strategy is a Strong Buy even if Bitcoin never becomes a reserve asset. A modest, hype-driven rebound to $100K is in itself compatible with a long-term BTC bearish scenario. MSTR trades at only a ~7% mNAV premium, which a BTC yield of ~13% YTD can erase in under a quarter, converting the trade into pure upside. Additionally, the company's preferred shares create a unique yield-on-Bitcoin product that builds a moat and, in my view, justifies a long-term mNAV premium. This is further potential upside.