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re: Anyone buying MicroStrategy Inc (MSTR)?
Posted on 5/9/25 at 10:19 am to Big Scrub TX
Posted on 5/9/25 at 10:19 am to Big Scrub TX
It’s your position that MSTR should never be valued above their bitcoin holdings? And that they won’t be able to use their huge position to bring in revenue at any point in the future?
1
Posted on 5/9/25 at 1:08 pm to ReauxlTide222
quote:The current premium is 200% (3X spot). Yes, I am arguing there is no world where it makes even a scintilla of sense to pay $3 for something you can EASILY buy elsewhere for $1. I'm pretty sure I'd make it a hard and fast rule down to parity, but just for argument's sake, let's say it's certainly never worth paying more than, say, 1.25X.
It’s your position that MSTR should never be valued above their bitcoin holdings?
quote:What kind of revenue? Based on what? Oh look, we hold a random asset. Let the revenue begin!
And that they won’t be able to use their huge position to bring in revenue at any point in the future?
Posted on 7/17/25 at 9:11 am to Big Scrub TX
So much has happened with MSTR the past few months worth talking about with Issuing the new preferred stocks being the big update: STRF, STRK, STRD
I've been rotating COIN, IREN, and MSTR profits into STRF and STRK.
I've been rotating COIN, IREN, and MSTR profits into STRF and STRK.
Posted on 7/17/25 at 1:53 pm to TigerTatorTots
STRK is such a wild concept. It’s the perfect product for the btc curious that aren’t really wanting to get in the deep end.
This post was edited on 7/17/25 at 2:00 pm
Posted on 7/17/25 at 2:03 pm to beaverfever
Yea I've been doing a pretty deep dive into learning about these Preferreds in the past weeks. Splitting my profits evenly between STRF and STRK up until this point. STRF is the "crown jewel" of the two but if you believe the days of 80% BTC drawdowns are over, then STRK is likely the play.
ETA: These are intended to resemble fixed income instruments so if you are after growth, stick with MSTR. I'm just severely overweight MSTR common shares and looking to rotate into something more secure
ETA: These are intended to resemble fixed income instruments so if you are after growth, stick with MSTR. I'm just severely overweight MSTR common shares and looking to rotate into something more secure
This post was edited on 7/17/25 at 2:05 pm
Posted on 7/17/25 at 3:35 pm to TigerTatorTots
Like everything strategy, wasn’t there a catch with the preferred shares? Like they can discontinue dividends at will, and if that happens the preferred shares only line up in front of dividends paid to ordinary shareholders…which is something that will never happen.
Posted on 7/17/25 at 8:31 pm to lsuconnman
I think what you are referring to is STRF and STRK's cumulative dividend. Meaning that if at any time, if Strategy misses a dividend payment on the scheduled quarterly date, the unpaid amount accumulates and must be paid before any dividends can be paid to junior securities. STRF is highest in the pecking order so it would get paid before STRK. And STRK before STRD and MSTR common. For example, if STRF $2.50 quarterly dividend is missed, next quarter the share holder will get $5.00. That will continue building until the dividend is paid.
So different than common stock dividends that can also be pulled at any time and are not cumulative.
So different than common stock dividends that can also be pulled at any time and are not cumulative.
This post was edited on 7/17/25 at 8:35 pm
Posted on 8/28/25 at 9:19 pm to TigerTatorTots
MSTR down to "only" 1.6X value of its bitcoin holdings.
LINK
quote:
Since August 2020, (Micro)Strategy’s stock has surged by 25 times, while bitcoin has climbed “only” tenfold. Not bad for a guy who lost his fortune and nearly his company in the dotcom era with an accounting restatement, a 99 per cent share price collapse, and SEC fraud charges (settled for millions of dollars, with no admission of wrongdoing).
But it feels like the magic is fading.
Recall that back in November, FT Alphaville wrote about the company’s voracious appetite for fresh capital. Since our first post, the stock has fallen from around $357 to $351 at yesterday’s close, with wild gyrations along the way, including a peak of $543 on 21 November. Yet during that time, bitcoin has rallied by 25 per cent, taking it from $88,000 to around $111,000.
quote:
The previously successful treasury strategy seems now to be preventing stockholders from fully participating in the very bitcoin rally they are funding. In fact, the rush of stock sales by Strategy insiders in November 2024 appears to have been well-timed.
And you can’t blame bad luck for Strategy’s soggy performance; virtually everything has worked in the company’s favour. Strategy has joined the Nasdaq 100 index, accounting changes has turned its unrealised gains into GAAP profits (which could lead to inclusion in the S&P 500), and the Trump Administration has been rolling out the red carpet for digital assets. Yet Strategy’s stock can’t quite get out of its own way.
The faithful are showing early signs of restlessness. For the first time in years, a segment of Saylor’s loyal online base is questioning him because the company diluted (pun intended) previous guidance about new stock sales. In late July, Strategy pledged not to sell stock when its market value fell below 2.5 times its bitcoin holdings (so-called “mNAV”, which stands for market-to-net asset value).
quote:
Actually, the shift is a concession to reality more than anything else. As Strategy’s most recent 8-K shows, last week’s $357mn bitcoin purchase was funded mostly by selling common stock, with two of the four flavours of perpetual preferred stock instruments covering the rest.
The preferreds pay high dividend coupons, and the legacy software business doesn’t even come close to generating the cash to pay them. Strategy therefore gets trapped in a recursive loop: it must issue new securities — whether common stock or other preferreds — to service the dividends on the old securities it issued to buy bitcoin
LINK
Posted on 8/28/25 at 9:29 pm to Big Scrub TX
$32/sh profit last quarter without any revenue…
…I bet they share the same accountants with Carvana.
…I bet they share the same accountants with Carvana.
Posted on 8/28/25 at 9:31 pm to lsuconnman
New accounting rules allow them to claim the increase in bitcoin price appreciation as earnings.
Posted on 8/28/25 at 10:40 pm to TigerTatorTots
How many of their staff work for unrealized gains?
Posted on 8/29/25 at 2:04 am to lsuconnman
I made a mint on them in the run up to the last election, but had a few trades on them lately when I knew Bitcoin was going to run, and they just haven’t been running when their holding was running, just weird; it’s like they choose to dilute and buy when they should be enriching shareholders, so just quit investing in them…
Posted on 8/29/25 at 8:42 am to lsuconnman
Blame the FASB for changing the accounting rules 
Posted on 8/29/25 at 11:18 am to CamdenTiger
quote:That's not "weird". It's the very point of the grift. The insiders sold massively at and around the highs.
they just haven’t been running when their holding was running, just weird; it’s like they choose to dilute and buy when they should be enriching shareholders,
Posted on 8/29/25 at 12:23 pm to Big Scrub TX
Is this the company with the bitcoin pumper who's kind of a pompous arse? I've always wondered what their company actually does or provides.
ETA: I was thinking of Saylor, looks like he resigned as CEO a while back.
ETA: I was thinking of Saylor, looks like he resigned as CEO a while back.
This post was edited on 8/29/25 at 12:24 pm
Posted on 8/29/25 at 1:51 pm to Chucktown_Badger
Yes, Saylor still running the ship
Posted on 9/2/25 at 11:15 am to Chucktown_Badger
quote:Basically, nothing.
I've always wondered what their company actually does or provides.
Posted on 9/3/25 at 11:05 am to Big Scrub TX
I shoulda sold at 400 
Posted on 10/30/25 at 8:49 am to Neauxla
And down we keep going
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