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ChasnotRobert-
Not really, if I was confident I'd be shorting it.
I think a single catastrophic event with BTC is unlikely (e.g. a flaw that renders it useless overnight). A slow gradual decline in price is more likely, which is going to be hard for the 401(k)/SIPP folk.
MSTR has the capacity to halve very quickly if there's any problems.
Also MSTRs wallets must be the most targetted things in cybersecurity right now - any serious fuck up by anyone in the chain and a huge chunk of their assets could be gone in a puff of smoke.
If I was ~30 I'd consider having maybe 20% of my pension in something like that. As I'm 5-10 years away from retirement it's more like 1% or 2% I'd gamble that way. (I am quite risk averse though.)
Greenbank
There will be a lot of people working in B&Q well into their 70s if the arse falls out of BTC/MSTR and all those 401(k)s and SIPPs are left holding the bag.