1. In October, the author recommended a 'long Bitcoin, short MicroStrategy' trade due to MSTR's high NAV premium and reduced borrowing capacity. 2. Since then, Bitcoin has increased by 21%, while MSTR has mostly been flat, validating the trade idea. 3. However, MSTR's NAV premium has significantly shrunk, and the company's recent convertible issuance indicates a strong interest in zero-cost convertible bonds, suggesting it's time to close the trade.