@sniperanalysis
This is getting ridiculous.
MicroStrategy’s entire market cap is now worth $10 billion less than the Bitcoin they’re sitting on.
The stock is down 12% today and a brutal 57% since early October, leaving the company valued at about $45 billion.
Meanwhile, they hold 650,000 BTC—currently worth $55 billion.
Put another way: the market is pricing the whole company $10 billion below the spot value of its Bitcoin alone.
Even after you subtract their $8.2 billion in debt, the net Bitcoin pile is still worth $46.8 billion—roughly $1.8 billion more than the market cap. And that doesn’t even count whatever cash they have on the balance sheet.
At this point the market is basically saying Michael Saylor’s business, his team, his software company, and his entire strategy are worth negative money.
The question everyone’s asking: how much lower can it go before Saylor just keeps buying? Crazy times
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