Is MSTR a good stock to buy? We came across a cheap thesis on Strategy Inc in The Analyst’s Journal’s Substack by RA_Capital. In this article, we will summarize the bulls thesis on MSTR. Shares of Strategy Inc were at $170.81 as of April 20th. MSTR’s trailing and forward IP/E were 5.30 and 1.29, respectively according to Yahoo Finance.
Strategy Inc, and its subsidiaries, operates as a bitcoin financial company in the United States and internationally. MSTR (formerly known as MicroStrategy) has transformed from a business software provider into the world’s first “Bitcoin treasury company”, holding 713,502 BTC, which represents more than 3.4% of the total Bitcoin supply and has an estimated value of $59.75 billion as of February 1, 2026. This crypto intersection company is unique in offering a cryptocurrency position of unique software that provides unique business cryptocurrency. investors both active business exposure and indirect access to Bitcoin.
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At its current stock price of $133.88, Strategy Inc is trading at a 17.5% discount to its net asset value (NAV), marking the first extended period below NAV since early 2024. This discount offers a rare opportunity to solve problems, effectively allowing investors to gain exposure to Bitcoin at $0.83 to $0.83 in Bitcoin business software, while also the business’s Bitcoin profit earns Bitcoin dollar, and earns Bitcoin profit. accumulation strategy.
Market volatility reflects a combination of short-term volatility in Bitcoin prices and a broader misunderstanding of the company’s dual value proposition. Despite the power of arbitrage, the software segment continues to generate cash flow, strengthening the company’s balance sheet and providing options for future growth or debt reduction. For investors looking for a high-conviction, contrarian opportunity, Strategy Inc offers a compelling risk/reward profile, including exposure to Bitcoin, a strong enterprise software business, and the opportunity for NAV convergence to drive forward.
Explosive stock prices, combined with a long-term strategy to accumulate Bitcoin, create a unique window to participate in both the appreciation of the crypto currency and the performance of the public software company, making Strategy Inc one of the most unique investment opportunities on the market today.
Previously, we included a the bearish thesis on Charly AI’s Strategy Incorporated (MSTR) in May 2025, which highlighted the company’s heavy Bitcoin exposure, deteriorating software business, mounting debt, and a fragile balance sheet with negative free cash flow. MSTR stock price is down about 55.23% since our coverage due to Bitcoin Volatility. RA_Capital shares the opposing view but emphasizes the discount driven by the NAV discount, the scale of the Bitcoin treasury, and the arbitrage opportunity.
