Flying High in Bird Heaven: MSTR, PSUS, ETF

The Money Stuff Podcast explores the evolving "strategy trade" of MicroStrategy (MSTR), a company known for holding large amounts of Bitcoin. Matt Levine suggests the trade, where MSTR stock traded at a premium due to its Bitcoin holdings, is nearing its end as the premium shrinks. Katie Greifeld notes the CEO's statement about potentially selling Bitcoin if the company's market cap falls below its net asset value, contrasting this with Michael Saylor's unwavering Bitcoin advocacy. The discussion shifts to MSCI's potential exclusion of digital asset treasury companies like MicroStrategy from its indices, and Bill Ackman's renewed attempt to launch a U.S. listed closed-end fund, including the challenges of selling shares at a premium and the potential benefits of an ETF structure. Finally, they discuss Goldman Sachs' acquisition of Innovator Capital, highlighting the growing popularity and criticisms of buffer ETFs.