From what I can tell, the software side of the business isn't profitable nor is it an industry leader. Nearly all of the attraction of investing in Microstrategy was for their bitcoin holdings.
As of 2/25, they have about 193,000 BTC. At $67k per BTC, that is nearly $13B. MSTR marketcap is $21B. So it trades higher than its NAV.
It also trades like a leveraged bitcoin ETF.
Now that we have BTC ETFs, what's the argument for investing in microstrategy at this price?
