Strategy is attracting some of the world's largest fund managers because they want Bitcoin exposure. Their buying supports the bullish case for MSTR as a listed vehicle for institutional Bitcoin demand. x.com 

Strategy might be undervalued because it holds far more Bitcoin than the first time its stock traded at the same price. At $140.51 today, it holds 848,517 BTC, versus 193,000 BTC the first time shares reached $140.51. x.com  x.com 

Strategy's structure forces it to sell bitcoin into its own drawdown. It needs dollars for preferred obligations and can either sell equity or sell bitcoin. With MSTR down 83% from its high, issuing stock costs far more shares, and since the stock falls with bitcoin, the equity route gets expensive exactly when bitcoin is weak. This week it did both, selling 1,638 BTC at $63,957 against a $75,419 cost basis and issuing $290.6M of stock. x.com 

Strategy's accretive Bitcoin accumulation has raised net backing per share, lowering the premium needed to revisit its $543 intraday high. At $98,000 Bitcoin, backing rose from $127 to $160 since November 2024, cutting the required net mNAV from 4.3x to 3.4x. A 2.5x premium at $200,000-$250,000 Bitcoin would imply roughly $896-$1,131; 2.5x is plausible at peak euphoria, not expected at $126,000. Premiums depend on Bitcoin momentum and sentiment, which Strategy cannot control. x.com  x.com 

Bitcoin and Strategy offer an unparalleled and underappreciated setup now that the issue around Strategy's STRC preferred is largely resolved. x.com 

Strategy is a scam, though a brilliantly executed one, built on bitcoin, which is itself a liquidity decoy. Michael Saylor sold about $496M of MSTR under an equity compensation plan ending in April 2024, around the SEC's Grayscale approval, effectively dumping bitcoin on the masses near $60K. He does not care about "never sell"; he ran a pump and dump in the 1998-2000 bubble and was fined for accounting fraud, but this time is fully legally covered. x.com  x.com  x.com  x.com  x.com  x.com 

Strive's common ATM can lift long-run returns by funding bitcoin purchases at a share premium. Bitcoin is historically cheap; stacking in a bear market or before the bull market begins drives the biggest gains later. But too much weekly issuance can blunt upside, exhaust investors and cap mNAV expansion; share scarcity matters. The ATM is crucial, but caution is preferable. Cole Macro said preferreds should help keep dilution below Strategy's levels on the way up. x.com  x.com  x.com 

Being bearish on Strategy makes little sense given what its bitcoin stake implies. Strategy holds 1 of every 25 bitcoin that will ever exist, per a quoted post, and a company owning 4% of all gold would be worth $1.25 trillion even if gold stopped rising, fiat stopped declining and printing stopped. Bitcoin is easier to buy and sell, 10x better than gold in every way, increasingly scarce and set to be packed into portfolios. x.com 

Strategy is in the worst possible position, with Michael Saylor now down $13.7 billion, about 20%, on its bitcoin bet. STRC needs money to be rescued, and selling bitcoin to fund it would hurt both bitcoin and Strategy badly. Only a sudden sharp bitcoin rally looks able to save it. x.com 

Heavy inflows could lift Strive's mNAV above Strategy's for periods because they have more impact on the smaller company. Strive could do even better than 6x versus Strategy's 4x, as investors seek the faster Bitcoin treasury stock. x.com  x.com  x.com