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MicroStrategy Incorporated
Information Technology · Application Software
4% of supply) by issuing equity + converts at premiums to NAV and recycling proceeds into spot BTC. The legacy MicroStrategy analytics business (~$450M ARR) is now a rounding-error catalyst - equity trades as a levered, US-listed BTC proxy with no management fee (vs $IBIT, $FBTC) and optionality on premium-to-NAV (mNAV) expansion.
- Permanent capital structure: long-dated converts + ATM = no forced sellers, BTC stack survives drawdowns spot ETFs cannot replicate
- mNAV premium = perpetual accretion engine: every issuance above NAV grows BTC-per-share
- Index inclusion catalysts (Nasdaq-100 done; S&P 500 watch) + passive bid
- Saylor concentration = aligned conviction holder, not a fund manager with redemption risk
- mNAV premium compression - when premium → 1.0x the flywheel stalls; spot ETFs ($IBIT) are the cleaner exposure
- Equity dilution: aggressive ATM issuance caps per-share BTC growth in flat-tape regimes
- Convertible refi risk in a BTC drawdown - preferred stock + senior debt seniority above common
- Regulatory: SAB 121 reversal helped, but accounting/tax treatment of unrealized BTC gains remains a moving target
- Single-asset concentration: 100% of thesis is downstream of BTC price
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