No charts, no forecasts, no commentary. Just a graphic of Michael Saylor in full cyberpunk mode - leather jacket, shades and a double-barreled shotgun marked with the Bitcoin logo. The caption reads: “Come with me if you want to live." And just below it, the headline: The Bitcoinator.
It is not a shift in message. If anything, it ia another clear signal that Strategy (formerly MicroStrategy) and its CEO are still fully committed to its Bitcoin thesis. The company now holds 568,840 BTC, acquired at an average cost of $69,287. At current prices, that is worth around $58.37 billion, putting them nearly 50% in profit.
The rest of the financials help put it in context. Strategy’s stock is trading at $411.25, with a market cap of $115.3 billion and an enterprise value of $123.38 billion. Over half of that market cap - about 50.6% - is now directly tied to its Bitcoin holdings.
The company trades at a 1.975x NAV multiple, showing that investors continue to price in more than just the raw value of the coins on its balance sheet.
Saylor’s message arrives during a period of relative calm in both the crypto and equity markets. Bitcoin is hovering below recent highs, and Strategy’s share price has eased slightly after a major run-up. Still, the broader trend remains intact. Since the company began buying BTC in August 2020, its stock is up more than 2,700%.
Vladislav Sopov
Dan Burgin