First in foremost, stack sats. That’s a given. Also, none of this is financial advise. Just my thoughts that I can put on a decentralized protocol.

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I keep going back to this BTCTC thing. I don’t know what happens to all the smaller ones, I’m strictly focusing on MSTR.

The stock market is always forward looking and the only way MSTR is overvalued/valued accurately is if Bitcoin doesn’t do what we all think it’s gonna do OR they don’t actually hold the Bitcoin.

If Bitcoin succeeds and they actually have it, this gives them so much optionality in the future and they will certainly have the biggest treasury out of any company, including Berkshire Hathaway.

I know Berkshire has their mitts in a lot of different companies AND has a large treasury but Strategy will have the option to do this once Bitcoin monetizes.

(These following numbers are from Grok so I’m sorry if they are inaccurate)

Berkshires current mNAV to their treasury is 3.11 which is currently at historic lows.

Between 2001-2008 it’s mNAV was between 3-5x.

And from 2016-2024 it ranged between 10-22x.

Strategy’s mNAV is under 1.5x right now. IMO, one of these companies, if not both, are mispriced.