Strategy's Bitcoin Treasury: Different Securities For Different Investors (New Ratings)
2025-11-14 22:55
Summary If you’re interested in bitcoin, Strategy (MSTR) is worth a very close look. It’s main “business” is bitcoin treasury – i.e., it buys and holds bitcoin. But that’s just the start. It’s “intelligent leverage” program, opportunistic capital raises and coin purchases, helps the company outperform bitcoin prices. MSTR now trades at a premium to the value of its bitcoin, but a narrower premium than in the recent past. That’s OK. Intelligent leverage deserves some sort of premium. Beyond that, MSTR is raising capital through various preferred issues each of which is an interesting income vehicle. I’m neutral on MSTR, but bullish on three of the preferred issues. While I don’t see bitcoin crashing, as skeptics fear, MSTR and its suite of preferred issues does come with some odd risks around the theoretical sustainability of its operations. Once upon a time, there was a little business information software company called...
