A lot of people seem to think MSTR is a leveraged position on BTC. The company is using leverage, yes, but the stock price is so overvalued it usually costs twice as much as the underlying BTC held by the company.
Not only are you overpaying for BTC exposure, the company still has the loans and stock options it needs to cover.
As an analogy, imagine a company bought 1 bitcoin with its reserves and then took out a loan to buy a second bitcoin. Now imagine this company, which holds 2 bitcoins and a loan, was trading at a market cap equal to the value of 4 bitcoins. Do not buy this stock.
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