Here’s the math today (all data is from MSTR website)
Current value of BTC holdings: ~$42 B
Current value of debt: ~$9B
Value of BTC after accounting for debt: $33B
Total cost basis of all BTC holdings:
499,096 BTC x $66,357 (avg cost of BTC purchases, all time)
Total Cost: ~$33B
~33B - ~33B = 0% return
Total all time return on BTC: ~0%
Now let’s look at the all time return at our lowest point for BTC this week ( ~78,000):
Value of BTC holdings at $78,000:
$78,000 x 499,096 BTC = ~$39 B
Current value of debt: ~$9B
Value of BTC after accounting for debt: $30 B
Total cost basis of all BTC holdings:
499,096 BTC x $66,357 (avg cost of BTC purchases, all time)
Total Cost: ~$33B
All time return at BTC $78,000
~30B - ~33B = ($3 B) or -10%
Where is the 2x-3x BTC performance. I don’t even see 1.5x???