FWIW, this is what my portfolio looks like.

I only trade in my retirement accounts and the only trading I do is between the bitcoin ETFs and Bitcoin equities.

At some point, I plan on taking some of the amounts in the retirement accounts fully off the table and rolling it into spot BTC in an IRA (likely with the Unchained). The amounts I will “take off the table” will come from the amounts in the ETFs.

I do *not* trade outside of my tax advantaged accounts.

These days, with my free cash flow, I basically only buy spot BTC outside of my retirement accounts.

I’ve stopped contributing to my retirement accounts altogether & the reason it’s such a large share of my portfolio in both BTC & USD terms is it’s 1) where I had a lot of starting capital when I decided to go all in to bitcoin and 2) I’ve successfully traded it into both more USD and more BTC via proxies.

(Note: for the call options, for the BTC calc, I’m treating it as if I sold them all and rolled them directly into BTC, not into MSTR. It would be smaller percentage if I treated as if I bought MSTR with it. In truth, I’ll probably split it between the two when I do sell them.)
https://m.primal.net/MaGz.jpg 

 One other thing of note, the little bit of SMLR and MSTR I own outside of my retirement accounts I bought with free cash flow, not by selling spot BTC.

I bought them when I thought they were relatively cheap vs the price of BTC at the time.

But I’m not selling my spot BTC to try and acquire MSTR or SMLR or any other Bitcoin equity. I would not recommend any do that.