Based on my analysis of #Bitcoin  per Share (BPS) on MicroStrategy ($MSTR), I am sharing some potential alpha:

The only instance when MicroStrategy's stock price traded below its Bitcoin per Share (BPS) in dollar terms occurred in 2022. This was when Bitcoin reached a new cycle low of $16,531, and $MSTR was trading at $141.57 per share, while its BPS in dollars stood at $189.54. This discrepancy indicated a significant buying opportunity.