i've seen a lot of takes on this company and it seems to me that the most obvious and logical take is that they can take a large stack of bitcoin and sell a derivative on 2.7% of it to the public market at a huge premium.

they're not selling all of their coin and in fact, they're maintaining ultimate control of all of it, but they are selling a derivative on a very small portion of it because the market will allow it. It's just that simple.

and they market themselves on their huge stack as a way of retail mid-direction so you think you're buying a huge stack, but really you're buying a derivative of a small percentage of it

it's that simple