CandleFocus MSTR vs. BTC
2024-12-04
Author: Content Editor
After the election, both the price of Bitcoin (BTC) and Michael Saylor's company MicroStrategy (MSTR) reached all-time highs. However, MSTR recently experienced a 22% drop due to concerns about its valuation. The reason for MSTR's outsized gains compared to BTC is its high leverage. The company holds a significant amount of BTC, representing almost 99.5% of its balance sheet, which was acquired through debt and equity. The correlation between MSTR and BTC is relatively high, but MSTR's business operations also play a role in its price movements. MSTR is not considered a good proxy for BTC due to its leverage and volatility. If investors want exposure to BTC with leverage, it is better to use BTC ETFs or derivatives. Mean reversion opportunities for MSTR and BTC have been limited historically, but there is a possibility of the spread between the two assets narrowing further as MSTR has the ability to sell more equity. Overall, it is suggested that MSTR is overvalued compared to BTC.
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