BenWerkman on Nostr: $MSTR Bitcoin Per Share - Q1 2025 Well, I've been very delinquent on this one, but ...
$MSTR Bitcoin Per Share - Q1 2025
Well, I've been very delinquent on this one, but since we've received no bat signals indicating that there will be a Bitcoin buy tomorrow (but who knows?) I figured I might as well get the data updated and I can always update again tomorrow.
Here are the metrics as of 2/10/25:
BTC / Fully Diluted Share: 0.00165402 (+4.14% QTD)
Diluted Shares / 1 BTC: 604.6 (-3.98% QTD)
BTC / Outstanding Share: 0.00185429 (+1.85% QTD)
Outstanding Shares / 1 BTC: 539.3 (-1.82% QTD)
If you follow these numbers closely, you will notice one thing in particular and that is that the outstanding metrics got worse from the last update where BTC/Outstanding Share was 0.00186688 and the Outstanding Shares/1 BTC were 535.7.
As you can imagine though, there is a very explainable reason for this change. The cause comes from the conversion of the 2027 convertible bonds. At 1/26/2025 there were 7,362,000 shares left to be issued from the conversion, while on the latest 8-K that number has now dropped to 2,052,000 (the rest will be converted by the end of the day 2/20).
So as these shares get issued, you will see the outstanding metrics drop. This is also why I tend to keep my focus fixed on the Assumed Fully Diluted metrics as it takes the noise out of the other activities.
Will we see any buying tomorrow? Who knows. But I am sensing we will see significant buying over the next 6 weeks.
Well, I've been very delinquent on this one, but since we've received no bat signals indicating that there will be a Bitcoin buy tomorrow (but who knows?) I figured I might as well get the data updated and I can always update again tomorrow.
Here are the metrics as of 2/10/25:
BTC / Fully Diluted Share: 0.00165402 (+4.14% QTD)
Diluted Shares / 1 BTC: 604.6 (-3.98% QTD)
BTC / Outstanding Share: 0.00185429 (+1.85% QTD)
Outstanding Shares / 1 BTC: 539.3 (-1.82% QTD)
If you follow these numbers closely, you will notice one thing in particular and that is that the outstanding metrics got worse from the last update where BTC/Outstanding Share was 0.00186688 and the Outstanding Shares/1 BTC were 535.7.
As you can imagine though, there is a very explainable reason for this change. The cause comes from the conversion of the 2027 convertible bonds. At 1/26/2025 there were 7,362,000 shares left to be issued from the conversion, while on the latest 8-K that number has now dropped to 2,052,000 (the rest will be converted by the end of the day 2/20).
So as these shares get issued, you will see the outstanding metrics drop. This is also why I tend to keep my focus fixed on the Assumed Fully Diluted metrics as it takes the noise out of the other activities.
Will we see any buying tomorrow? Who knows. But I am sensing we will see significant buying over the next 6 weeks.