A few weeks back there was a deluge of people posting about the MicroStrategy premium, how it wasn’t justified, and all of the usual stuff you see when people are coping hard.
Like this 👇
There is so much misinformation out there about $MSTR
It isn’t a “synthetic call” on bitcoin, nor is it even a leveraged way of buying Bitcoin.
It’s a poorly structured, tax-inefficient fund that trades at a 140% premium to NAV
A thread:
— Alex Kolicich (@AlexKolicich)
5:11 PM • Dec 16, 2024
To be clear, there’s not much wrong with those threads and posts.
Most of them are ‘informationally correct’.
And Saylor has played his cards brilliantly. Calling it ‘Bitcoin yield’ was a masterstroke.
(if his goal was to trigger the analysts)
However, when something is so obviously ‘wrong’ and ‘mis-priced’ it becomes attractive to traders who think in terms of ‘fair value’ and all that stuff that used to matter in the old days.
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