According to Bitcoin per share, $MSTR is currently at a discount to spot #Bitcoin price.
Yes that may be true, but they have debt and do not hold their own keys, it should trade at a discount.
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I don’t think the market will agree with you on that for very long!
Cash Flow positivity doesn't last forever in any business. The debt and other liabilities should be held against their Bitcoin per share. Tangible Book value per share > Bitcoin per share.
