The author is watching MSTR for a potential below-NAV opportunity if a Bitcoin bear market occurs.
Unpriced research observations (excluded from Calls and Returns):
MSTR — WATCH The author notes MSTR's premium to NAV has evaporated and believes it would trade far below NAV in a Bitcoin bear market. Having profited from buying GBTC below NAV previously, they are watching for a similar discount opportunity in MSTR. resolved_entity_name_mismatch
I made a lot of money buying GBTC below NAV when it was still a closed end fund. MSTR premium to NAV has evaporated. If we do get a BTC bear market it’s gonna be trading so far under NAV. Definitely watching.