Microstrategy ($MSTR)

• Michael Saylor is founder the Chairman of the Board at Microstrategy

• Informational Asymmetry

• Risk/Reward Asymmetry

• Best performing stock of 2024

• The market values $MSTR as a BTC Holding Company - Valued should be one times Net Asset Value.

• Microstrategy is a Bitcoin Treasury Company

• Leveraging Bitcoin Holdings: Microstrategy ($MSTR) capitalizes on its perception as a Bitcoin holding company to strategically finance its operations and enhance its Bitcoin reserves. Through mechanisms such as At-the-Market (ATM) stock offerings, issuing convertible bonds, and selling preferred stock, it raises funds efficiently. A portion of these proceeds is used to acquire additional Bitcoin, while the remainder helps increase cash reserves. This strategy maintains a low debt-to-market cap ratio and increases Bitcoin per share holdings, mitigating dilution effects from new stock or convertible debt issuances. This process causes $MSTR stock to get bid up as Bitcoin's price increases.

• $MSTR is a leveraged investment that should return a multiple of Bitcoin's return. If the stock price goes down significantly, $MSTR could theoretically do stock buybacks for lower dollar amounts than they sold their stock.