Hi,
I've been a long time holder of MSTR to get some exposure to bitcoin. Currently it's trading about 2X of the bitcoin price per share. Here's a rough math:
– MSTR owns 193,000 bitcoin at the end of last February
– Current bitcoin value that MSTR own = 193,000 * $70,000 = $13,510,000,000
– MSTR has about 17 million shares
– Value per share = $13,510,000,000 / 17,000,000 = $795
– Current MSTR price is $1675 which is about 2X of $795
Why would people pay 2X of the underlying asset? They must have a different method of valuation. What do you think? Any thoughts/opinions are welcome. Thank you.
