MSTR - Mainstream Bitcoin Adoption

Written before stock split

This narrative hasn't been updated since the stock split on 8 Aug 2024. The author has been notified to update.

Catalysts

Bitcoin as the first-class wealth preservation medium
Risk-off asset - hedging against macroeconomic tailwinds - e.g. currency debasement, hyperinflation
Institutional Bitcoin Adoption
Bitcoin Halving
Zero-competition in aggregate BTC ownership (1%+)

Assumptions

Bitcoin continue to attract greater inflows
MSTR continues to purchase bitcoin
MSTR continues to innovate in its B2B data intelligence offerings

Risks

Restrictive government regulation on Bitcoin or the broader cryptocurrency market.

Valuation

With BTC PT of $100,000 by 2024, MSTR circa $2,500

With BTC PT of $150,000 by 2026, MSTR circa $4,000
With BTC PT of $250,000 by 2028, MSTR circa $7,500

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US$425.27

FV

77.1% undervalued

144.00%

Revenue growth p.a.

652

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0

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US$663

FV

85.3% undervalued

12.1k

39

16

246

M_

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US$549.36

FV

82.3% undervalued

529

2

0

29

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AnalystHighTarget

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Bitcoin Adoption And Regulatory Normalization Will Drive Massive Long Term Earnings Power

Catalysts About Strategy Strategy operates as a digital treasury and structured finance company that uses digital capital and digital credit instruments to maximize Bitcoin per share for equity holders. What are the underlying business or industry changes driving this perspective?

US$705

FV

86.2% undervalued

5.50%

Revenue growth p.a.

632

7

0

29

Fair Value vs Share Price

US$5k

vs US$100.0198.0% undervalued

290.9%

Revenue growth

86.5%

Profit margin

Recent News & Updates

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Recent updates

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Stay ahead on Strategy

Fair value estimate changes
Narrative and analyst updates
Key company announcements

Company analysis

Excellent balance sheet with moderate growth potential.

Market capUS$38.4b

PB1.2x

Estimated Growth2.5%

Dividend YieldN/A

CEO & management

Phong Le

CEO

3.6yrs

CEO Tenure

Operates as a bitcoin treasury company in the United States, Europe, the Middle East, Africa, and internationally.