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← @matiasscalbi

$MSTR

BEARISH2026-06-04
Price around the call
↓ 2026-06-04
By horizon✓ hit-23.4%
1d
✗ +5.4%
5d
✗ +2.4%
21d
✓ -23.4%
Original post
Matias Scalbi · 2026-06-04

Para entender un poco lo que pasó ayer con Bitcoin y Strategy / Michael Saylor $MSTR hoy cotiza a 0,82x el valor de su bitcoin:native La cuenta es simple: market cap USD 44,35B ÷ USD 54,34B en BTC (843.706 monedas) = mNAV 0,82. El mercado paga 82 centavos por cada dólar de Bitcoin que tiene la empresa Aclaración importante: ese es el mNAV "simple", solo equity. Si le sumás la deuda (USD 8,25B) y las preferentes (USD 9B), que cobran ANTES que el accionista, el mNAV ajustado te da 1.1 aprox El BTC de Strategy no es todo del accionista: hay una fila que cobra primero ¿Y por qué importa tanto el mNAV? Porque es la regla de decisión de todo el modelo treasury: - mNAV arriba de 1 -> vendés ACCIONES: emitís caro, comprás BTC, y el Bitcoin por acción SUBE. Esa es la rueda que hizo volar a

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