You asked me to explain why Strategy’s common stock (MSTR) should trade at discount to its “BTC per share” intrinsic value.

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Bitcoin per Share Lies About Who Owns the Stack - BTC-Backed Preferreds Eat Into MSTR’s “Pure” Bitcoin Exposure

I’ll make a logical argument that MSTR’s mNAV should be < 1.0.

Strategy promotes “BTC per share” metric that implies all Bitcoin (BTC) on balance sheet belongs to MSTR shareholders.

This sounds like each common share has a clean, pro-rata slice of full BTC stack, as if there were no other claims in capital structure.

That is wrong.

It ignores senior claims …

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