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As crazy as crypto has been, there was no way I wanted to short it. Nope. Not even me.

It was curious, however, what it would be like to buy MSTR puts. Again, there’s no way I’d do that in real life, but the massive spread between Microstrategy’s market cap and its actual $BTC holdings struck me as a possible opportunity.

I therefore put an entry into my portfolio spreadsheet of a purchase of January $350 MSTR puts. I didn’t buy them for real but wanted, just for the hell of it, to see what would happen.

That was yesterday. Today ,$BTC was blasting thousands of dollars higher, getting close to even the $100,000 mark. I had almost forgotten about my fake MSTR puts, but by chance I noticed them on my spreadsheet. I figured they’d be toast, but they were – – UP?? Indeed, they were up 11%.

Glancing at the January puts in general of MSTR, they were ALL stronger. Weird, huh?

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