MicroStrategy has shifted from a pure Bitcoin accumulation model to active balance sheet defense, weakening its previous 'never sell' narrative.
MSTR now holds ~844k BTC at an average cost of $75.5k, with a current NAV of ~$88 per share and trades at a modest 1.15x NAV premium.
The company's new capital framework prioritizes disciplined equity issuance, capital management, and occasional BTC sales to service obligations and reserves.
I maintain a Strong Buy rating: MSTR is a compelling bargain or discount, and direct Bitcoin exposure offers huge upside unless the stock trades at a significant NAV discount.
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