Bybit TradFi x Crypto Report: Strategy (MSTR) Trading at 68% Premium as Unique Leveraged BTC Proxy
Bybit, the world's second-largest cryptocurrency exchange by trading volume, has released a new Bybit TradFi x Crypto Report on Strategy (NASDAQ: MSTR), the BTC-focused holding company formerly known as MicroStrategy. The analysis revealed a convoluted valuation picture that challenges traditional pricing logic while highlighting the company's unprecedented position in the BTC ecosystem.
The report suggests investors 'disregard the company's legacy software operations' and examine its true value as a high-beta proxy for its underlying asset, BTC. Holding over half a million BTC at about 2.8% of BTC's total supply, Strategy is currently trading at a 68% premium to the net value of its BTC treasury at $107 billion market cap.
Key Findings:
Quantitative Data Suggests Undervaluation: A statistical analysis of the historical relationship between BTC and MSTR performance indicates, on paper, a potential fair value of $468 per share, suggesting the stock may be undervalued by approximately 17.9% at current trading levels of $384.
Conservative Leverage Management: Despite its aggressive BTC accumulation, Strategy maintains a prudent loan-to-value ratio of just 11.46%, providing a substantial cushion against market volatility and default risk. However, the company has yet to face a real stress test in the case of a major unexpected BTC correction.
Strategy as a Non-Replicable Strategy: The analysis cautioned that Strategy's valuation premium is likely unique and inimitable, stemming from its first-mover advantage and singular focus on BTC accumulation versus other corporate holders who maintain crypto as non-core treasury assets.
The report notes that Strategy's transformation has created an entirely new asset class in equity markets, providing value in institutional BTC exposure instead of sales revenue. The analysis also suggests that while the company presents significant upside potential in favorable BTC markets, its leveraged structure equally amplifies downside risk.
The complete analysis is available on Bybit Learn.
Disclaimer: Past performance does not guarantee future results. Nothing contained herein constitutes investment advice. Investors should conduct their own research and consider their risk tolerance before making investment decisions.
#Bybit / #TheCryptoArk /#BybitResearch
About Bybit
Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.
For media inquiries, please contact: media@bybit.com
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