MSTR market cap (57B) is now lower than their BTC holdings (65B).
Perhaps I don't really understand MSTR investors, but they are in a dilemma: psychologically Michael Saylor must buy a large amount for any remaining trust -- but financially based on stock performance they should not.
Purely based on this, MSTR might look undervalued at first, but it ALL depends on investor conviction on BTC. (And this conviction also depends on Michael Saylor buying or not.)
If you add a margin of safety (short term dips to $70k - $80k BTC) then conservatively MSTR BTC holdings are worth $42B - $8B debt = intrinsic value of $34B.
Pure speculation at this point.
