Credit where credit is due. MSTR's Bitcoin long is performing well, and that last "batch" was very well timed. CEO Michael Saylor tweeted in mid Sep:
"On September 14, 2020, Microstrategy completed its acquisition of 16,796 additional bitcoins at an aggregate purchase price of $175 million. To date, we have purchased a total of 38,250 bitcoins at an aggregate purchase price of $425 million, inclusive of fees and expenses."
Total value of the BTC leg is now around $618 mill. MSTR market cap stand at $1.7bn, so it is not a "straight" arb, but watch the recent divergence between MSTR and BTC closely.