1. MSTR is in the business of selling credit investors volatility. As long as MSTR’s stock vol remains high these investors are happy - the stock just needs to move!

8. Some good resources which helped me during this research: mergersandinquisitions.com/c… calamos.com/globalassets/med… h/t @MMeldrumDotCom : youtube.com/watch?v=j_6URnht… wiley.com/en-ca/Convertible …

1. A really exciting day for those in the crypto options space - hard to believe the industry has come so far over the span of several years to soon be one of the most liquid option markets in the world! As a data guy I dived into some of $IBIT's vol analytics.

9. I believe @DeribitExchange will still be important going forward simply based on how many traders and institutions outside the US rely on the platform to speculate and hedge their risk. However, as more desks gain access to options via their prime-brokers, they will be able to make use of their entire tradfi portfolio for margining / collateral. The argument to trade options solely in the context of a siloed exchange will be tough - that’s why it’s so important to for prime brokers in crypto to flourish (h/t @HiddenRoadHQ).