MSTR BTC Chart (Patreon)

This chart is truly fascinating because, in hindsight, everything seems so clear. Following Michael Saylor's announcement of a $42 billion plan involving combined ATM offerings and convertible debt, MicroStrategy's stock performance surged dramatically. You can see that in mid-November, it even outperformed Bitcoin by 70%. However, as I've noted before, all things eventually MEAN REVERT to normal, and that's precisely what occurred. Now, if we look back to the start of November compared to Bitcoin, MicroStrategy shows only a slight performance edge over BTC - when you take a broader view, things normalize.

As I've mentioned, I would have exited this trade at $550 if it weren't for tax considerations.

Looking ahead, if there's another significant spike in Bitcoin's price, we might see another gamma squeeze in MicroStrategy stock.

Selling here at 311sh, however, would probably mean selling close to the bottom.

NAV Prem 1.84

ARB Model updated