🤑 MSTR’s Wild Ride: Bitcoin Blues or Bargain Bonanza? 🌪️

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Well, I say, old bean, the markets have gone and done a spot of the old razzle-dazzle again, what? 🕺

What ho, here’s the lowdown:

  • Strategy, that plucky corporate chap, has taken another tumble, down 6.6% on Thursday, as bitcoin decides to play hard-to-get below $100,000. 😱
  • Shares are looking rather peaky year-to-date and year-over-year, though they’re still sitting pretty over the long haul. 🏇
  • MSTR, the old sport, continues to trade at a jolly premium to its bitcoin stash, which is either brilliant or bonkers, depending on whom you ask. 🤔

Another spiffing day in the markets, what? Bitcoin’s down nearly 3% to $98,600, and Strategy (MSTR) has taken a bit of a pasting, down 6.6%. 🙈

Trading at $210, MSTR’s back to levels not seen since the days when Donald Trump was still just a bloke on telly. Shares are down 30% year-to-date and 36% year-over-year, though they’re still miles ahead since Michael Saylor and his chums went all-in on bitcoin in August 2020. 🤑

The dip in Strategy relative to bitcoin has some social media types declaring it a bargain, what with its market cap now below the value of its BTC stack. A so-called mNAV below 1, they say. 🛒

But hold your horses, old bean! Strategy’s 641,692 bitcoins are worth $63.2 billion, about 5% more than its current market cap of $60 billion. However, this clever calculation forgets the preferred shares and debt, which have first dibs on the dosh. 💼

Chuck those in, and Strategy’s enterprise value jumps to $75.4 billion, nearly 20% more than its bitcoin holdings. Numbers as clear as mud, or so Strategy’s dashboard would have you believe, showing an mNAV of 1.19 at press time. 📊

So, is MSTR a bargain or a bloomer? Hard to say, old sport, but one thing’s certain: it’s not exactly a discount to the company’s bitcoin. 🧐

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2025-11-13 22:58