Why Strategy Inc. is Making Bitcoin Look Like a Bargain Bin Treasure

by

In the wandering dust of the financial plains, where the heavy booted critics stomp on the dreams of men like Michael Saylor, the steadfast defenders at TD Cowen rise like rugged mountains against the bitter winds of doubt. They declare, with a haughty laugh, that to compare the soaring valuations of Strategy Inc. to the humble Bitcoin is akin to measuring a lion’s roar against that of a timid mouse. 🦁🐭

“Logically flawed,” they posit, as BTC dances around a staggering $118,307. A price that would make even the most stoic investor spit out their morning coffee in disbelief. And yet, here we are, with 24h volatility: 0.4% and a market cap strutting about like a proud peacock at $2.35 Trillion. Markets, my friend, are nothing if not theatrical. 🎭

Meanwhile, the buzzing bees of the financial hive whisper amongst themselves. The analysts Lance Vitanza and Jonnathan Navarrete claim that the bears, those perpetually pessimistic creatures, believe that Strategy’s premium is merely a flicker of the greater fool theory. “Ah, but fools come in many shades,” they quip, “and the logic behind investing in Strategy seems as elusive as trying to catch smoke with bare hands.” 😂

Strategy’s Curious Dance with Cheap Capital

Ah, but can one not ponder the charms of Strategy’s net asset value premium? It twitches and coos, a percentage greater than the modest worth of its BTC holdings. The Block—a data dashboard, no less—mutters that it boasts an equity value of $124.3 billion and $72 billion wafting in BTC. Quite a trick, considering that the NAV premium resembles a joyous 72.6%. 🎉

And yet, TD Cowen brings forth a glimmering truth: Strategy’s artful maneuvering of cheap capital to hoard Bitcoin may at first glance appear as magic, but can retail investors replicate such sorcery? One wonders if they’re simply playing in a league far removed from the ordinary folk. It’s easy to say, “let them eat cake,” but when it comes to securing Bitcoin “yield,” the common man finds himself with crumbs. 🍰

Accumulation: The Great Bitcoin Heist

But let us not tarry too long on dark thoughts. Strategy, bastion of the Bitcoin frontier, continues to amass its treasure, recently unloading 1,636,373 common shares from a $21 billion at-the-market program. Meanwhile, preferred shares brought in a cool $739.8 million. A sum that would make the richest merchant in the town nod sagely, yet somewhat enviously. 💰

Last week, Saylor, that amiable captain of the ship, announced a staggering $4.2 billion share sale to further enlarge their Bitcoin bounty. Not a bad week at the office, you see, as they scooped up 69,140 BTC resulting in declared unrealized gains of $14 billion. Chump change for some, I suppose.

The mathematicians among us would be quick to calculate, as of July 20, Strategy now clutches 607,770 BTC, all for an average price of $71,756 a coin. Meanwhile, Bitcoin frolics around at $118,307, leaving many a puzzled thinker scratching their heads in disbelief about the beauty and chaos of this wild financial rodeo. 🤠

Read More

2025-07-22 20:47