MicroStrategy bulls think Michael Saylor can pump it to 10X its BTC
Irresponsibly Long MSTR members think that Michael Saylor will discover “genius ways” to financialize MicroStrategy's bitcoin holdings.
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Irresponsibly Long MSTR members think that Michael Saylor will discover “genius ways” to financialize MicroStrategy's bitcoin holdings.
— Michael Saylor, MicroStrategy
Andrew Left tweeted negatively about MicroStrategy 13 minutes into Thursday’s trading session. Within 90 minutes, the stock had declined 16%.
Bitcoin and MicroStrategy are both rallying with win-win math for bondholders and shareholders. Of course, the party can’t last forever.
MicroStrategy started 2023 with a market capitalization of just $1.8 billion. Today, this figure sits at $111 billion.
Michael Saylor’s Class B MicroStrategy stock outvoted Class A 10:1, but so much Class A now exists that he has lost voting control.
In 2023, MicroStrategy’s average bitcoin purchase price was near $30,000. Today, that average has jumped to near $50,000.
MicroStrategy executives boasted about the ability to yield higher bitcoin exposure per MSTR share over time. We read the fine print.
This month alone, Michael Saylor has sold over $70 million worth of MicroStrategy stock, while in March he sold $144 million.
Buying MSTR appears to earn you 98% value in MicroStrategy’s bitcoin, but when including Class B shares and convertibles, it's less than 85%.