With the rise of saylor and his copycats there needs to be a new metric

weighted average premium

Saylor will say it himself and he’s right the risk is in the equity and over time they will trade to par even discount

But the nasty unwind comes when people are forced to buy $1 of btc at a discount

This spread starts with Microstrategy and collapses the premium of the smaller copycats

When will this happen? No clue but it will and keeping track of this weighted metric is important