If we have a 5% BTC yield in the quarter, that’s the same as acquiring 12500 bitcoin for our shareholders without dilution
If #bitcoin is growing at 30-50% CAGR then it’s not unreasonable for the stock to trade at 30-50x PE.
If $MSTR is accreting bitcoin at 6-10% CAGR then
30x10% is a 3x premium to NAV
50x10% is a 5x premium to NAV
https://www.youtube.com/live/TasvNr1gBGs?si=e_jd7BAvtVR9J6cf
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Discussion
That’s like 50k bitcoin annually or $3.6B annualized BTC gain. 30-50x multiple gets you get a $108B - $180B value then you tack on another $18B for the Bitcoin.
The operation is 6-10x NAV plus the reserves