Calls
5
#363
Alpha Score 72.3
Michael Saylor
Executive Chairman, MicroStrategy
Win Rate
83.3%
return
+14.1%
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Ticker
Side
Mentions
First Call
Call Price
P&L
Thesis
Theme
Source
Long
Feb 05
$106.99
+33.3%
MicroStrategy holds 713,000 BTC and has established a $2.25B cash reserve to cover dividends for 2.5 years, regardless of Bitcoin price action. Management argues they are no longer just a holding company but an operating company that "manufactures credit." By issuing "Stretch" (STRC) notes at ~11% yield, they capture the spread between the cost of capital and Bitcoin's long-term appreciation (Bitcoin Yield). This structure protects the equity from forced selling during downturns. LONG. The company is structured to survive a 90% drawdown without liquidation, making it a high-beta play on the eventual recovery. Bitcoin price remaining below the average cost basis ($76k) for an extended period could erode premium to NAV.
MicroStrategy holds 713,000 BTC and has established a $2.25B cash reserve to cover dividends for 2.5 years, regardless of Bitcoin price action. Management argues they are no longer just a holding company but an operating company that "manufactures credit." By issuing "Stretch" (STRC) notes at ~11% yield, they capture the spread between the cost of capital and Bitcoin's long-term appreciation (Bitcoin Yield). This structure protects the equity from forced selling during downturns. LONG. The company is structured to survive a 90% drawdown without liquidation, making it a high-beta play on the eventual recovery. Bitcoin price remaining below the average cost basis ($76k) for an extended period could erode premium to NAV.
Crypto Treasuries
Long
May 06
$99.97
-2.2%
STRC is a digital credit instrument yielding 11.5% with low volatility, backed by Bitcoin equity, offering tax-deferred income.
Crypto Treasuries
Long
Jul 30
$60.10
+26.3%
STRD is a high-yield preferred with an effective yield around 16% and a spread premium of 1,048 basis points above theoretical credit spreads. Even under skeptical Bitcoin return assumptions, its risk-adjusted return is compelling for long-duration credit investors who believe in the company's plan.
Crypto Treasuries
Long
May 21
$73.44
+5.9%
Saylor promotes Strategy's preferred stock (STRK) as a digital credit instrument that pays an 11.5% tax-deferred dividend, backed by Bitcoin holdings. He argues it is a low-volatility, highly liquid credit instrument that offers four times the after-tax yield of a money market account, suitable for investors who want yield without taking full Bitcoin volatility. The instrument is overcollateralized, trades near par with a variable dividend rate, and has grown to a $24 billion annual run rate.
Other
Long
Jul 30
$97.89
+6.7%
STRF senior preferred has a BTC overcollateralization of 12.9x, with a floor rate requiring Bitcoin to fall >21% per year to be undercollateralized. Even with modest Bitcoin appreciation (12.5% annually), it would be investment grade. It offers a massive spread premium over theoretical credit spreads and is attractively priced for long-term credit investors who trust the company.
Crypto Treasuries
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Michael Saylor has 5 trade ideas tracked on Buzzberg across 5 tickers since February 2026. Ranked #363 on the Buzzberg Alpha leaderboard. Most covered: BTC, STRC, STRD.
