If I’m not mistaken, MSTR owns around $4.6B of Bitcoin, but it’s market cap is only around $7B.
What’s up with that?
(I know they own more than 90,000 BTC right now, but it might be 90,500 or event as high as 91,000).
Don’t most companies trade at higher multiples of their book values?
Also, MSTR’s price to book is 13 on Yahoo finance. I don’t think that’s accurate, given how much bitcoin they own, even if some of that bitcoin was bought with debt.
I’m pretty sure their price to book is actually in the single digits, and probably in the low single digits, like maybe around 2 or 3.
Can someone help me with the Math here on this?
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