Good analysis but the conclusion is flaccid. "Each new MSTR convert issuance further complicates the math: the effective Bitcoin-per-share ratio has fallen to 0.002 BTC, diluted by repeated capital raises."
MicroStrategy held approximately 0.001121 BTC per share as of year-end 2023.
As of 12/6/24 MSTR has BTC per Basic Share: 0.00171671 BTC
Good analysis but the conclusion is flaccid. "Each new MSTR convert issuance further complicates the math: the effective Bitcoin-per-share ratio has fallen to 0.002 BTC, diluted by repeated capital raises."
MicroStrategy held approximately 0.001121 BTC per share as of year-end 2023.
As of 12/6/24 MSTR has BTC per Basic Share: 0.00171671 BTC
The dilution has come at the expense of people buying overpriced MSTR equity but has benefitted existing shareholders. If the company continue to close the arbitrage itself, it is increasing its BTC per share, which is ultimately what shareholders want.
Perfectly said. I've read a lot on this topic, this perfectly sums it up. Buy shares at your own peril but the company will keep acting to close the NAV on itself.
Ultimately, MSTR will continue to do the goal of the company - owning more BTC - at the expense of equity (dilution) and bond (opportunity cost) holders. As a BTC beta holder, thereтАЩs no cause for concern.
Good analysis but the conclusion is flaccid. "Each new MSTR convert issuance further complicates the math: the effective Bitcoin-per-share ratio has fallen to 0.002 BTC, diluted by repeated capital raises."
MicroStrategy held approximately 0.001121 BTC per share as of year-end 2023.
As of 12/6/24 MSTR has BTC per Basic Share: 0.00171671 BTC
The dilution has come at the expense of people buying overpriced MSTR equity but has benefitted existing shareholders. If the company continue to close the arbitrage itself, it is increasing its BTC per share, which is ultimately what shareholders want.
Perfectly said. I've read a lot on this topic, this perfectly sums it up. Buy shares at your own peril but the company will keep acting to close the NAV on itself.
Ultimately, MSTR will continue to do the goal of the company - owning more BTC - at the expense of equity (dilution) and bond (opportunity cost) holders. As a BTC beta holder, thereтАЩs no cause for concern.