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buy on weakness
MSTR

MSTR Premium: Treasury Strategy and Business Optionality Drive Valuation

I believe Michael Saylor’s four reasons help explain why MicroStrategy (MSTR) frequently trades at a premium to its Bitcoin NAV: investors price in active treasury management, the underlying software business, market liquidity and optionality that pure BTC holders don’t have. The premium isn’t purely about Bitcoin’s price — it reflects expectations about corporate strategy and demand for equity exposure to BTC.

That said, the premium can widen or compress quickly as BTC moves or as corporate actions (debt, secondary offerings, stock-based compensation) change the capital structure. I view MSTR as a leveraged way to express a bullish Bitcoin view plus company-specific risk.

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Analysis

Saylor’s points are plausible: equity markets price in management’s active treasury decisions, enterprise value from the software business, and investor preference for regulated equity exposure, which...

Recommendation

Treat MSTR as a tactical, higher-risk way to access Bitcoin exposure. If you want exposure, consider buying on weakness and sizing positions to account for elevated volatility and company-specific ris...

Disclaimer

The Analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.

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