Strategy: The Bet on Bitcoin
In a world where Bitcoin is solidifying its position as a store of value, Strategy (formerly MicroStrategy) has become the emblem of an aggressive accumulation strategy. Under Michael Saylor's vision, the company, rebranded in February 2025, has transformed its business model into a "Bitcoin treasury," systematically purchasing the cryptocurrency with convertible debt and cash flow. As of November 2025, Strategy held 641,692 BTC, valued at approximately $67.5 billion at a current Bitcoin price of around $105,279. Its average purchase price is $66,384 per BTC, generating a year-to-date (YTD) return of 26.1%.
Investing in Strategy (MSTR) stock is, in essence, a leveraged way to bet on Bitcoin. The ticker symbol is trading around $250 per share as of November 10, 2025, following a recent purchase of 487 BTC for $49.9 million at $102,557 each. This reflects its "buy dip" strategy, even in a volatile market where Bitcoin has fluctuated between $100,000 and $110,000 this month. Strategy's market capitalization is around $50 billion, but its net asset value in BTC (BTC NAV) exceeds $67 billion, suggesting an implied discount of 25% (mNAV of 1.25).
The key question for investors is: how far could one buy MSTR without becoming overexposed? Analysts are optimistic. The average price target for 2025 is $505-$524, with a high of $705 and a low of $175, implying a 100% upside potential from current levels. Saylor projects Bitcoin at $150,000-$200,000 in 1-2 years, which would raise Strategy's NAV to over $100 billion. However, leverage (debt of $8.244 billion) amplifies risks: a prolonged BTC decline could put pressure on the balance sheet.
Recommendation: Ideal entry levels below $220 offer a margin of safety, aligning with technical support and the analytical low. Above $300, the upside is diluted by volatility. For aggressive investors, MSTR is a superior proxy to a Bitcoin ETF due to its yield on acquisitions. But diversify: no more than 5-10% of your portfolio. In short, at the current price of $250, it remains a strategic buy if you believe in "digital gold." Strategy's future is as volatile as Bitcoin, but its track record suggests rewards for those who are patient.
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