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 

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 runs a Ponzi-like loop: new capital buys bitcoin, which lifts the stock and attracts more capital, while the business makes almost no organic cash flow and collapses without constant raising. It trades at a big premium to NAV, effectively selling $1 of bitcoin for $1.50, lost $12.5B in Q1 2026, and has now sold bitcoin for the first time since 2022 despite Michael Saylor's vow never to sell. Owning bitcoin itself makes more sense than owning Strategy. x.com  x.com 

Strategy is undervalued because Bitcoin is here to stay regardless of price swings, and the stock resembles closed-end funds that fell 90% in the 1929 crash yet made patient buyers' families rich. Peter Schiff notes its $29.54B market cap sits below its roughly $50B of Bitcoin holdings. x.com 

Daily STRC dividends advance Strategy's Bitcoin financing machine. Shareholders approved the payments, and Strategy's Bitcoin printer is unstoppable. x.com 

Strategy's capital allocation raises red flags. Of $290.6M raised by selling shares, $250M went to its USD reserve and only $28.9M to STRC buybacks, which looks like money set aside to day trade Bitcoin and raises questions of misappropriation. Strategy also sold 1,638 BTC to fund preferred dividends and buybacks. Its CEO dismissing Bitcoin's price and the cost-basis metric as not mattering, beyond each shareholder owning some sats, is a poor message for shareholders. x.com  x.com 

Bitcoin's utility creates demand and convexity, while its scarce supply protects that upside because supply cannot respond to price. Most scarce things fail the utility test; bitcoin passes both. Adoption is unfolding one balance sheet at a time: Strategy holds 848,517 BTC, more than the next 200 public companies combined; Strive is #4 and climbing at 36,818, and SpaceX is #7 at 18,712. x.com  x.com 

Strategy is a buy because bitcoin will rally, with $80K set to crack soon. Strategy now owns more bitcoin than it did in May. x.com 

Strategy's share price is a bet on the next buyer, not on anything that produces cash. It filed a $20.8B net loss for the first half of 2026, an accounting fact about bitcoin's price, yet the stock rose this month. Neither produces a dollar, so investors are pricing a chain of strangers. 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