MSTR · MicroStrategy (Strategy)

NASDAQ-100 #83 · Nasdaq

Risiko 9/10 · Extreme Bitcoin Proxy · $96.16 ▼ 2.52%

Kennzahlen

• Price $96.16
• Market cap $35.1B
• P/E (ttm) n/a
• Div yield none
• 52-wk range $81.81 – $414.36
• Index rank — / #83

Wichtigste Risiken

• Bitcoin price collapse (All shareholders) — EXTREME
• mNAV premium collapse → flywheel stalls, issuance turns dilutive (Common shareholders) — EXTREME
• Preferred dividend load (~$1.2B/yr) vs ~$100M operating cash flow (Common & preferred) — HIGH
• Dilution from at-the-market equity offerings (Common shareholders) — HIGH
• 2028 convertible put wall (~$4.4B) refinancing (Bondholders & equity) — HIGH

Fazit

The flywheel is impaired, not broken: no margin call forces a fire sale, but with mNAV near/below 1.0 the 'issue-stock-buy-bitcoin' magic stalls while a ~$1.2B/yr preferred bill must still be funded. Jun 29 response: a $2.55B reserve, $2B of buybacks and $1.25B of BTC-sale authority. Bitcoin with extra steps — and extra obligations.

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