Chapter 20
MSTR
MSTR is Strategy's main stock — the one you buy when you want to own a piece of the company. If you believe Bitcoin will keep growing, MSTR is Bitcoin on steroids — it amplifies every move Bitcoin makes.
How it works
When you buy MSTR, you're buying a piece of a company whose main asset is Bitcoin. When Bitcoin goes up, MSTR goes up more. When Bitcoin drops, MSTR drops more.
How much more? Roughly 1.5 times. If Bitcoin goes up 10%, MSTR tends to go up about 15%. The reverse is also true.
Why I hold it
If you believe in Bitcoin long-term, Strategy is Bitcoin on steroids. The flywheel, the mNAV premium, the BTC Yield — it all compounds on top of Bitcoin's own growth.
I believe Strategy is still hugely undervalued for what it's building. It's not just a Bitcoin holder — it's becoming a new kind of financial company, and the market hasn't fully priced that in yet.
What could happen (near term)
MSTR trades around $188 today. Where it goes depends on Bitcoin's price and the mNAV multiple:
| Bear | Base | Bull | |
|---|---|---|---|
| Bitcoin price | $60,000 | $150,000 | $300,000 |
| mNAV multiple | 1x | 2x | 3.5x |
| MSTR price | ~$100 | ~$500 | ~$1,500+ |
What could happen (long term)
Now zoom out to 2045. Add Strategy's flywheel, BTC Yield, and mNAV premium on top of Bitcoin's growth:
| Bear | Base | Bull | |
|---|---|---|---|
| Bitcoin price | $3 million | $10 million | $21 million |
| MSTR price | ~$5,000 | ~$15,000 | ~$30,000+ |
| Return from today | ~25x | ~80x | ~150x+ |
Even the bear case is 25x from today. That kind of asymmetry is rare.
The risk
Let me be very clear: this is not safe.
- In the 2022 bear market, MSTR dropped over 75%
- It can swing 10-20% in a single week
- If Bitcoin stays down for a long time, MSTR stays down even harder
You need to be okay with watching your money get cut in half — and not selling. If that sounds terrifying, MSTR is not for you. Stick with ETFs.
How to buy it in Europe
MSTR trades on the NASDAQ (American stock market). Most European brokers let you buy US stocks:
- DEGIRO — available, you buy in dollars
- Interactive Brokers — available
- Bolero / KBC — check if they offer US stocks
If your broker doesn't offer it, 21Shares has a product that tracks MSTR on European exchanges. But buying the stock directly is better when possible.
Key takeaway
If you believe in Bitcoin's future, MSTR gives you more upside than holding Bitcoin directly. The flywheel, the mNAV, the BTC Yield — it all compounds. But the volatility is real. Only for people who can hold through the storms.