Darren Easton on Nostr: If BTC/share grows 60%/yr for 2 yrs, today's 2x mNAV premium looks cheap (most firms ...
If BTC/share grows 60%/yr for 2 yrs, today's 2x mNAV premium looks cheap (most firms take 10-20 yrs to "pay back" their premium).
Key risk? If BTC drops & stays low, $MSTR loses its ability to raise cheap cash. But with <10% debt and BTC/share up 70% YTD, they have a cushion.
Bottom line: If BTC/share grows 60%/yr, the strategy works. If not, mNAV could collapse. The whole play hinges on BTC growth.
Key risk? If BTC drops & stays low, $MSTR loses its ability to raise cheap cash. But with <10% debt and BTC/share up 70% YTD, they have a cushion.
Bottom line: If BTC/share grows 60%/yr, the strategy works. If not, mNAV could collapse. The whole play hinges on BTC growth.