According to @hfangca, Michael Saylor turned MicroStrategy’s capital market access into a traded, leveraged proxy for BTC exposure long before U.S. Bitcoin ETFs, contributing to an estimated 10x rise in MSTR’s stock price, source: @hfangca on X, Oct 27, 2025. The author characterizes this as an all-in Bitcoin arbitrage that used low-cost regulated financing to purchase BTC, improving the risk-reward for shareholders who understood Bitcoin’s thesis, source: @hfangca on X, Oct 27, 2025. For traders, the takeaway is that MSTR can function as a leveraged BTC proxy and may react strongly to BTC price cycles and MicroStrategy capital-raising tied to BTC accumulation, source: @hfangca on X, Oct 27, 2025. The author also frames MicroStrategy as a real-life proof of concept preceding BlackRock’s spot Bitcoin ETF rollout, underscoring MSTR’s role as a BTC exposure vehicle before ETF approval, source: @hfangca on X, Oct 27, 2025.