MSTR revenue was announced on May 1st. My morning media was last Thursday (here and here) and asked for a preview. We don’t talk about stocks so I was planning to zoom out and hit the theme. During preparation I had to suppress the eyeroll reflex that the MSTR triggered.
Of course, MSTR is a MicroStrategy or Strategy ticker symbol, as the company is now known. The strategy led by Michael Saylor has pioneered the “Bitcoin Treasury” model, currently being copied by Metaplanet and dozens of other companies. Beyond stock and bond products, the strategy is expected to raise $84 billion, according to the latest announcement.
Here are three questions:
1. Revenue?
MSTR’s “revenue” and “price target”… well, especially if the effects of ASC 2023-08 are backed out, it doesn’t really mean the same thing. It’s simple and simple, just the price of Bitcoin and fundraising. Wall Street analysts and experts should get it right.
2. strategy?
It cannot be called a “strategy.” I have to say, “Strategy. You know, that was previously a micro-tactic.” Like Prince, Puff Daddy, Kanye West, Twitter. NB: People already say a lot of “smartphone” (Small”).
3. Don’t dislike it?
MSTR supports a market capitalization of $107 billion with Bitcoin Holdings’ $53 billion and Laser Id’s Noren. There are no lifeboats, parachutes, or obvious plan B. If that fails, the Bitcoin market could be liable.
Despite these Iroraers (and some clever media coverage), we can agree:
– The capital raise is really amazing. This is strong.
-MSTR is up 36% per year compared to less than 5% of Bitcoin. Who throws the stones?
-MSTR cleverly uses stock price volatility as a feature rather than a bug. (Stop calling out “yield strategies” that sell options, and I said “strategy” again.
– Priority (STRK and STRF) has won people and marks who like their preferences. Some of my favorite friends are smitting.
Strategies (big “S”) created categories as well as movement. The Levared MSTR ETF (including this new one that pays “income”) will help the 70 Vol of MSTR in a dull market. Grayscale has announced an ETF that will track 30 companies that own at least 100 bitcoins.
Finally, SPAC Cantor Equity Partners merged to form Twenty One Capital, holding $3 billion in Bitcoin. If you mention this trend in a room full of critics, they will scream “Game Stop!” At once. It’s fun.
The story continues