Strategy Shares Trade Close to Bitcoin Holdings Value, Analyst Sees Upside

Strategy Inc. holds 847,666 bitcoins, roughly 4% of Bitcoin's maximum supply. Its stock trades at a 6.7% discount to gross Bitcoin holdings per basic share and near parity on a diluted basis. The author argues the shares offer upside and notes historical swings between premiums and discounts to Bitcoin value.

Strategy Inc., previously MicroStrategy, is a Bitcoin treasury company whose main ticker is MSTR. It also offers financially engineered Bitcoin-related products. The article says it holds 847,666 bitcoins, equal to roughly 4% of Bitcoin's maximum supply.

The analyst, Todd Feldman, is a finance professor and CFA charterholder. He reports no position in the companies mentioned and no plan to open one within 72 hours. He frames the stock as a buy, citing its current discount and historical shifts between premiums and discounts to Bitcoin value.

Count words: first para: Strategy(1) Inc.,(2) previously(3) MicroStrategy,(4) is(5) a(6) Bitcoin(7) treasury(8) company(9) whose(10) main(11) ticker(12) is(13) MSTR.(14) It(15) also(16) offers(17) financially(18) engineered(19) Bitcoin-related(20) products.(21) The(22) article(23) says(24) it(25) holds(26) 847,666(27) bitcoins,(28) equal(29) to(30) roughly(31) 4%(32) of(33) Bitcoin's(34) maximum(35) supply.(36) Second: The(37) analyst,(38) Todd(39) Feldman,(40) is(41) a(42) finance(43) professor(44) and(45) CFA(46) charterholder.(47) He(48) reports(49) no(50) position(51) in(52) the(53) companies(54) mentioned(55) and(56) no(57) plan(58) to(59) open(60) one(61) within(62) 72(63) hours.(64) He(65) frames(66) the(67) stock(68) as(69) a(70) buy,(71) citing(72) its(73) current(74) discount(75) and(76) historical(77) shifts(78) between(79) premiums(80) and(81) discounts(82) to(83) Bitcoin(84) value.(85) Under 120 total. Good. But "article sa