Baek Hoon-jong

MicroStrategy (MSTR) common stock is significantly undervalued relative to its 850,000 Bitcoin holdings. The market is overreacting to a minor 32 BTC sale and treating the situation as a witch hunt against Michael Saylor. The company has ample cash reserves (7 months of dividend coverage) and low leverage (~10% asset-based). Other Bitcoin treasury companies are stepping in to buy, absorbing any selling. With long-term smart money expected to rotate back to Bitcoin, MSTR's combination of a massive Bitcoin treasury and a depressed stock price will be on their radar, supporting a rebound.

Strategy’s perpetual preferred stock STRK (referred to as STRC) dipped to $82 from its $100 liquidation preference due to leveraged unwind, not structural failure. At $89, it offers a clear reversion trade back to $100 plus a high current dividend (~11.5%). The company is expected to raise the dividend to 12–13% at the June 30 shareholder meeting. The dip has created a buy opportunity for long-term capital seeking both the $11+ per share reversion gain and elevated dividends. The STRK mechanism naturally attracts buyers when the price falls and sellers when it gets overvalued, making the current level attractive.