Out of curiosity, what is the mNAV on MSTR?  I see these other examples, most of which I haven't heard of.  Just wondering what the number is on the one I *have* heard of, and the namesake of LSTR?

I get the compounding effect that LSTR should generate going forward.  I think it would be beneficial to people to lay out what each LSTR actually represents in LEO right now.  I feel like that's where a bit of the disconnect is.

If 22,595 LSTR have been sold and represent 467,387 LEO, then each LSTR is worth 467,387/22,595= 20.7 LEO, right?  If each LEO is worth 4 cents (as of this writing) then you're getting 83 cents worth of LEO for a dollars worth of LSTR/HIVE...since you're using HIVE to buy the LSTR.  Until it's sold out and you can actually *trade* LSTR, the premium actually works against you because your dollars could buy more LEO than what you get from buying LSTR.

All that said, the benefit, as you pointed out, will be the fact that as LSTR sells out and starts trading in the "real" world, that premium should grow.  Plus, the amount of LEO underneath the LSTR umbrella should also compound as well; probably faster than each of us could do ourselves, and certainly with a LOT less work.

The thing that has been the trickiest for me to wrap my brain around has been the price of LSTR in HIVE vs the amount of LEO that same HIVE could buy.

Full disclosure, I own some LSTR and am looking forward to seeing it in action down the road.  I'm just still working through why I should buy more.