For no particular reason, I decided to amble over to the Bitcoin Purchases page of the Strategy corporation, Michael Saylor’s former software company which is now little more than a giant BTC repository.
As you can see below, the man sure knows how to buy Bitcoin, and at this point his average cost for the $843 million he has gobbled up is $75,700 per BTC.
By way of comparison, Bitcoin closed today at $77,000. I have tinted the BTC chart below with the approximate price level which dictates whether Strategy’s massive Bitcoin holdings are profitable (above the line) or not (below the line).
Looking at MSTR itself, there was a time when it had nothing at all to do with Bitcoin (indeed, the company itself is literally decades older than BTC itself), but as the company has phased out of any semblance of being a software company and has morphed into a pure BTC play, it has become more and more tethered (no pun intended) to whatever it is BTC is doing.
Today, for instance, BTC was weak, and MSTR fell by over 6%.
Looking at the layered chart of all BTC history versus MSTR, aligned by time, they don’t actually seem to have much to do with one another.
In recent years, however, the company and the underlying coin are in virtual lockstep.
What astonishes to me is how many people have bought into Saylor’s “vision“. I mean, honestly, just take a step back, take a deep breath, and embrace this fact: for all the press, all the trade shows, all the appearances, and the massive amounts of money hurled at Strategy, and what they have to show for it after all these years at this very moment is a staggering pile of BTC whose grand total profit is……………………..
One point seven percent. In other words, what you could make with a risk-free passbook savings account between now and Thanksgiving.]
I honestly don’t see the point of this business at all, although I do consider the mere existence of MSTR as a public entity to be a shining example of the collective delusion that almost everyone has elected to participate.
