Nov. 11 at 11:06 PM
$BTC.X
$MSTR $STRD Still has not stabilized.
$MSTR is now trading near 1x NAV and appears to be headed sub 1X. Appears to be headed below
$200..
As I mentioned in the below thread,
$STRD is indirectly dilutive to MSTR. Combined with the fact that the underlying Strategy business is dying, Saylor is in trouble when the debt comes due next year.
He will be unable to sell notes unless this trades at at least 2x or 3x NAV. Hedge funds aren’t even bothering to play the game here anymore since he stopped selling notes.
Avoiding this entirely. You’re better off playing IBIT if you are directionally bullish in Bitcoin.
