Why MicroStrategy Is Pumping Without Buying Bitcoin

Name: Why MicroStrategy Is Pumping Without Buying Bitcoin
Uploaded: 2025-10-07T21:03:18+00:00
Duration: 27 min 52 s
Channel: Crypto Robot

Crypto Robot

MicroStrategy’s stock is surging — even though the company didn’t buy a single Bitcoin last week. What’s driving this unexpected rally? In this video, we break down the latest developments around MicroStrategy (MSTR), its Bitcoin strategy, and why investors are still bullish despite no recent crypto purchases.

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00:00MicroStrategy, MSTR, is back in the spotlight. And honestly, that statement isn't exactly

00:07surprising, is it? Not really. Michael Saylor's company, well, it's been this major focal point

00:12for years now, right, where traditional corporate finance kind of bumps up against the crypto world.

00:17Yeah, exactly. But this time, the narrative, it's taken this really fascinating,

00:23maybe even unexpected twist. It's caught the eye of, well, pretty much every major financial

00:28reporter. What's the twist this time? MSTR stock isn't just climbing, it's performing incredibly

00:34well, generating massive buzz, even though, and this is the key part, the company didn't spend a

00:40single dollar buying more Bitcoin last week. Ah, okay. That is interesting, because historically,

00:45MSTR's value, its stock price, was almost directly tied to their Bitcoin buying, wasn't it?

00:50Pretty much, yeah. A direct derivative of their accumulation strategy.

00:53Right. They announced they're raising money at Buy More BTC, the stock jumps,

00:57they pause buying, maybe plateaus, maybe just tracks Bitcoin without that extra kick.

01:02So this recent price action, it really does signal something different. A fundamental

01:07re-rating, maybe? Or perhaps, like you said, a significant decoupling by the market.

01:12It feels like it. Investors seem to be rewarding something other than just,

01:15you know, the sheer size of the Bitcoin treasury.

01:18Okay, so let's unpack this for you. Our mission today is to really dig into why.

01:22Why is smart money institutions, retail traders, everyone really suddenly valuing MSTR so differently?

01:30Yeah, moving beyond just the Bitcoin vault idea.

01:33Exactly. It's being recast, it seems, and accepted as this strategic software and crypto hybrid.

01:39We need to figure out what this signal means, not just for MSTR's stock chart, but, you know,

01:43for Bitcoin's own journey and the whole crypto landscape as things push forward.

01:47Okay. Well, to set the stage properly, we probably need a quick look back, Ray. A bit of history.

01:52Good idea. Ground us a bit.

01:54MicroStrategy started out as, well, a fairly standard business intelligence company.

01:59Enterprise Analytics, that was their bread and butter.

02:01Right. Until the summer of 2020.

02:03Exactly. Everything changed then. Michael Saylor made that huge, and let's be honest,

02:07pretty controversial decision at the time.

02:09To convert the corporate treasury, which usually holds cash,

02:11maybe some short-term stuff entirely, into Bitcoin.

02:14It was a massive pivot. Really audacious, like you said. And initially, there was a lot of skepticism.

02:19Oh, definitely. But you have to say, it's paid off. Massively.

02:23Let's put some numbers on that, just for context, for you listening.

02:26Yeah.

02:27MSTR has now accumulated a staggering amount, over 226,000 BTC.

02:34Wow. So at current prices, what are we talking about? Around $15 billion worth of digital assets.

02:39Roughly, yes. Give or take market swings. It's huge.

02:42And for the longest time, MSTR played this very specific role in the stock market, didn't it?

02:48It did. It was essentially the only way for many equity investors to get pure-play,

02:53leveraged Bitcoin exposure in stock form.

02:56So it moved pretty much in lockstep with Bitcoin's price, but often with more volatility.

03:01Exactly. Enhanced volatility. And that extra juice, that leverage, that was the main draw for a lot of people.

03:07If Bitcoin went up 10 percent, MSTR might jump 15 percent, 20 percent, sometimes even more.

03:12Precisely. Because you had this company with relatively low operating costs, just massive exposure to the underlying asset.

03:19But the new twist, the thing driving this current rally, you're saying it's less about the constant buying,

03:25because they paused, and more about confidence.

03:28Confidence in the strategic positioning of the company itself. That seems to be it.

03:32The market seems to be pricing in the future value, the potential, of this Bitcoin-native platform they say they're building.

03:39Not just the present value of the Bitcoin sitting in the vault.

03:41Exactly. That distinction, future potential versus present holdings, that's absolutely critical here.

03:47Okay. Perfect setup then for our first section. Let's dive into this core reason.

03:51The narrative shift. Investors are apparently now valuing MSTR as a real Bitcoin-native tech company, moving past that simple holding vehicle label.

04:02This is the crucial change, I think. You see it in analyst reports, you hear it in investor chatter.

04:07The market's starting to look beyond just the balance sheet as like a static list of assets.

04:11And focusing more on...

04:12On the product roadmap. The corporate mission. MicroStrategy is actively, very consciously, trying to rebrand and reshape its identity.

04:22They want to be seen as a Bitcoin development platform.

04:25So they're basically shouting, we're not just holding this stuff, we're building things with it.

04:29Pretty much. We're active builders in the institutional Bitcoin ecosystem. That's the message.

04:34Okay. So if that's the new identity they're pushing, what does that actually look like?

04:37How are they integrating Bitcoin or blockchain features into their core business, the analytics side?

04:43Because, I mean, bridging corporate data with crypto tech, that sounds really complex.

04:49It is a huge technical challenge, no doubt.

04:51But they're positioning their software as the solution to that very problem.

04:55They're marketing their existing BI tools now as Web3 ready.

04:59Web3 ready tools. What does that mean in practice for a business using their software?

05:04It means their analytics suite is designed to connect not just with your standard corporate databases,

05:09but also with data that lives on public blockchains. Immutable data. Verifiable data.

05:14Okay. Give me an example, like supply chain stuff.

05:16Yeah. Imagine a company wants to analyze supply chain integrity.

05:20Or maybe reconcile cross-border payments.

05:23Using these Web3 ready tools could let them link their internal proprietary data with verifiable on-chain events or transactions.

05:33Seamlessly, that's the goal.

05:35Hmm. That diversification story, it definitely sounds like fuel for optimism, doesn't it?

05:41It suggests they're aiming for more revenue streams, not just relying on Bitcoin's price going up.

05:46Right. It suggests they're trying to build the tools for the next wave of companies that might want to use Bitcoin.

05:51Bitcoin. That potentially makes MSTR an infrastructure play, not just a treasury play.

05:56And Michael Saylor himself has been talking about this directly, right?

05:58What?

05:58Building infrastructure.

05:59Oh, very openly. He's been quite vocal about the company's plan to build infrastructure specifically to help other corporations adopt Bitcoin on a large scale.

06:08And are there specific technologies they're focusing on? What are these infrastructure moves?

06:12Well, the main focus seems to be twofold.

06:15First, they're talking a lot about integrating the Lightning Network directly into their software.

06:18Okay. Lightning. For faster, cheaper Bitcoin transactions.

06:23Exactly. And second, they're developing Bitcoin-based accounting and reporting tools, specifically designed for businesses, especially public companies.

06:31Let's break down that Lightning integration a bit. How would an enterprise client actually use that through MSTR software? Speed and cost are obviously key for businesses.

06:41Totally. Think about it. Traditional bank wires. Slow, often expensive.

06:46Integrating Lightning could let MSTR offer clients, say, high-speed payment capabilities, maybe for B2B invoicing, maybe high-volume micropayments, all using BTC directly.

06:57So bypassing the old financial rails entirely.

06:59That's the idea. It could potentially transform their software from just reporting data to actually moving digital value instantly.

07:06And the accounting tools part, that sounds massive, too, because reporting crypto holdings, that's a major headache for public companies right now, isn't it?

07:13Absolutely. The compliance, the accounting standards, it's a bottleneck.

07:17So if MSTR can provide a really solid, secure, enterprise-level solution for managing, reporting, and accounting for Bitcoin on a corporate balance sheet.

07:26They basically become the go-to vendor for anyone wanting to do that.

07:29They could corner a crucial future market, yes. And that's what builds market confidence.

07:34It's the shift from just being a holder to potentially being the key infrastructure provider.

07:39This whole diversification story justifies, you know, a higher valuation based on growth potential, not just asset leverage.

07:47Okay. That makes the strategy clear.

07:49But let me just push back a little.

07:51How much real impact does this diversification have on the bottom line right now compared to the sheer volatility of, what was it, $15 billion in Bitcoin?

08:01That's a fair question.

08:02I mean, some analysts would say this strategic positioning is just clever marketing talk, right?

08:06Yeah.

08:06Covering up the fact that they're still massively exposed to one asset. What's the counterargument?

08:11The skepticism is definitely warranted. But I think the evidence, or at least what the market is signaling, lies in the premium it's willing to pay.

08:19If it were just marketing spin, you'd expect the stock to trade much closer to its net asset value, the NAV.

08:25Meaning the value of its Bitcoin plus the software business.

08:28Right. But instead, we're seeing this thing emerge that people are calling the sailor premium.

08:33The sailor premium. Okay. Explain that.

08:35What does it represent in dollar terms?

08:38It's basically the gap, the difference between MSTR's total stock market value and the combined value of its Bitcoin holdings plus, you know, whatever the software business is worth on its own.

08:49And that gap, that premium has gotten significantly wider recently.

08:53So investors are essentially paying billions extra just for the idea of this future platform and for the management team.

09:02It suggests they are, yes. They seem to be betting heavily on the future integration, the execution, the whole strategy, not just the Bitcoin that's already there.

09:10Understood. Okay. That covers the narrative shift. Well, let's move to section two now, focusing more on the raw market dynamics around the stock.

09:18Yeah. Key reason number two for the strength. Simply Bitcoin's own organic momentum.

09:23Yeah. This is kind of the foundation for the whole rally, isn't it?

09:26Bitcoin itself has been strong recently, getting back above $70,000 and holding there. That automatically lifts the whole crypto sector.

09:32And even though MSTR didn't announce a new buy, their existing stash just appreciated by, what, billions? Strengthening the balance sheet passively.

09:40Instantly and substantially, yes. And investors seem to be aggressively rewarding that organic growth.

09:47It kind of validates the original bet, doesn't it? It shows that the highly leveraged strategy can generate massive value passively when the market turns bullish.

09:56Which brings us squarely to the leverage factor. We have to talk about this. It's why MSTR is such a magnet for serious Bitcoin bulls.

10:03Absolutely. If you actually plot the BTC price against MSTR stock performance on a chart, the pattern is usually pretty clear.

10:12MSTR stock often moves, what, two or three times the percentage gain of Bitcoin itself.

10:17So if Bitcoin is the engine, MSTR is like strapped to a rocket.

10:20That's a good way to put it. Of course, the downside is obvious.

10:23The rocket can also crash harder and faster.

10:25Exactly. The leverage cuts both ways, dramatically accelerating losses during downturns.

10:30But in a bull market, that amplified upside is just incredibly appealing to speculators.

10:35So this extra movement, this two, three act factor, it's a sign of high speculation. Excitement about this strategy.

10:41Intense speculation, yes. And excitement about the strategic positioning.

10:46When traders are bullish on Bitcoin, they often pile into MSTR because they expect that corporate structure, the fixed costs, the debt to deliver bigger returns than just holding Bitcoin directly or buying an ETF.

10:59Okay. That inherent leverage brings us nicely to key reason number three, institutional flocking.

11:06Now, this is interesting because we just saw the launch and huge success of the spot Bitcoin ETFs.

11:13Right. You'd think those efficient, low-cost ETFs would maybe pull money away from a volatile stock like MSTR.

11:18Exactly. But it seems like the opposite might be happening. Institutional traders are actually increasing MSTR exposure. Why would they do that? Choose the stock over the ETF.

11:26Well, they're likely looking for things the standard ETFs just can't offer. The big one is that mix of leverage and the potential for alpha generation.

11:34Alpha generation meaning outperforming the market, or in this case, outperforming Bitcoin itself.

11:38Essentially, yes. A standard ETF is designed to just track the price of Bitcoin. It gives you beta exposure.

11:46MSTR, though, because of that operational and financial leverage we talked about, offers the possibility of outperforming Bitcoin.

11:53So a fund manager who's really billish on Bitcoin might use MSTR to try and beat the benchmark.

11:58Precisely. If they think BTC is going up 50%, an ETF gives them 50%. But maybe MSTR, due to its leverage in that sailor premium, might return 100% or 150% on that same Bitcoin move. That difference is alpha. It's a tool for high conviction plays.

12:15And then there's the regulatory angle, right? The safety factor.

12:18That's crucial for institutions. MSTR is a public company. It's listed on the NASDAQ. It has to follow SEC rules, get audited, adhere to corporate governance standards.

12:27Stuff that Wall Street understands and is comfortable with.

12:30Exactly. It's a familiar structure. It's often seen as a regulatory safe way to get crypto exposure compared to, say, dealing directly with exchanges or figuring out complex custody solutions.

12:40And we actually have proof of this institutional interest.

12:43We do from their mandatory filings. You see big names, well-known hedge funds like Renaissance Technologies, for example, even passive funds from giants like BlackRock that track broad indexes.

12:53They've reported increasing their MSTR holdings during these recent Bitcoin rallies.

12:59Yes. It suggests they are actively treating MSTR as more than just a software company with some Bitcoin. They're using it as a specific tool, maybe a Bitcoin accelerator asset.

13:11So what does that tell us about institutional adoption overall? It's not just about getting access via ETFs anymore.

13:17It suggests they're moving into a second phase, perhaps. Phase one was just getting regulated access, which the ETFs provided. Phase two might be about optimizing that exposure, finding ways to potentially enhance returns within the regulated system.

13:30Using familiar equity vehicles to do it.

13:32Right. MSTR provides that mechanism potential for magnified returns based on conviction, but still within the familiar stock market framework.

13:41It really confirms that institutions are taking Bitcoin seriously as a long-term asset class worth allocating significant strategic capital to.

13:48Fascinating stuff on the institutional side.

13:51OK, let's pivot now for Section 3.

13:53We need to look past the Bitcoin for a moment and back at the traditional business fundamentals.

13:58Key reason number four. The underlying software business is actually doing better.

14:05Yes. We can't forget MicroStrategy's origins. It is a software company at its core.

14:10And the good news, especially for investors looking for maybe a bit more stability, is that the software business is reliably profitable again year over year.

14:19So it's generating steady revenue completely separate from Bitcoin's ups and downs.

14:23Exactly. It provides a reliable income stream regardless of crypto market volatility.

14:27That intrinsic value seems important. It gives a sort of non-crypto financial floor under all that Bitcoin exposure.

14:34If Bitcoin tanks, the software business is still there, right? Still generating cash flow, serving customers.

14:39It acts like a financial shock absorber, proving the company has value beyond just its treasury strategy.

14:45And related to that, we have to discuss their use of debt, the strategic debt leverage.

14:49Ah, yes. The convertible notes they issue to buy Bitcoin.

14:53Right. The company's ability to quite skillfully issue this specific type of debt during bull markets is now, interestingly, viewed quite positively by many investors.

15:04OK, explain that a bit more. Why is this debt seen as a positive?

15:08Usually massive debt is a huge red flag for a company.

15:12What's different about convertible notes in MSTR's case?

15:15Well, a convertible note is basically debt, like a bond, but it comes with an option.

15:19The holder can convert that debt into a company's stock later on, usually if the stock price hits a certain higher level.

15:26So MSTR raises money with these notes, buys Bitcoin.

15:29Exactly. And they do it in a bull market.

15:32So they're acquiring debt, yes, but you're using it to buy an asset Bitcoin that is appreciating rapidly, hopefully faster than the cost of the debt.

15:39And the people buying the nice, the creditors, they accept a lower interest rate, maybe, because they get the potential upside if the stock takes off.

15:47That's the tradeoff.

15:48MSTR borrows relatively cheaply now, banking on future appreciation.

15:53As Bitcoin's price rises, the company's total value goes up dramatically.

15:57The debt, measured against this growing asset base, actually shrinks relatively.

16:01So they can service the loans easily?

16:03And maybe the debt even gets converted to stock, wiping it off the balance sheet.

16:08Potentially, yes.

16:09Or it just becomes much smaller compared to the value of the Bitcoin they hold.

16:13It's definitely aggressive financial engineering, but it's been incredibly effective for them during these sustained crypto bull runs.

16:21But hang on, doesn't converting debt to stock dilute the existing shareholders?

16:26Isn't that a risk?

16:27It absolutely is a risk.

16:29Equity dilution is the potential downside for existing shareholders.

16:32That's the tradeoff.

16:33So why do investors seem OK with it?

16:35Because right now, at least, the market seems to believe that the value generated by acquiring all that Bitcoin with the borrowed funds outweighs the cost of that potential future dilution.

16:46The debt is relatively cheap, and the asset they're buying with it is seen as transformative for the company's value.

16:52It's like Saylor is using Bitcoin's appreciation itself as the engine to fuel the growth of the whole company balance sheet funded by this convertible debt.

17:01That's a pretty accurate way to describe the strategy, yes.

17:04Highly leveraged, but strategically deployed.

17:06OK, this detailed financial picture leads us nicely to summing up MSTR as this unique hybrid growth story, right, where technology meets hard money.

17:16That phrase really captures it.

17:18And if you start looking at the data comparing MSTR's earnings per share, their EPS growth, against just the raw price of Bitcoin since, say, the 2021 bull market, you start to see an interesting pattern emerging.

17:32What pattern is that?

17:33A decoupling.

17:33A slight decoupling, yes.

17:35The underlying company fundamentals, driven by the software business, seem to be starting to move a little bit independently from just pure crypto speculation.

17:44How would we see that in the numbers?

17:45Well, if MSTR were only a Bitcoin holding company, its EPS would likely be all over the place, totally dictated by Bitcoin's price swings and accounting impairment rules.

17:54But because the software side is improving its profitability, holding on to customers, selling new products, it provides this base level of fundamental, less volatile earnings.

18:04So when the stock goes up now, it's not just Bitcoin pulling it.

18:08The market's also giving value to the actual software business improving.

18:11It suggests the market is yes, assigning additional, maybe more justified value to the operational improvements and the future potential of the tech side, too.

18:22And we have seen other companies get revalued just because they dip their toes into crypto, haven't we?

18:27Even if it wasn't their main business.

18:28Oh, yeah.

18:29Think about Tesla for a moment.

18:30When they announced they put Bitcoin on their balance sheet, that was a big deal.

18:34It showed that even a mainstream tech giant could see its stock boosted by crypto exposure.

18:40Right.

18:40And Coinbase, too, maybe?

18:42Coinbase is another good example.

18:43It's stock is obviously tied to the crypto market's health, but its valuation also reflects the growing stability of its transaction fees, its custody business.

18:52It's a hybrid in its own way, too.

18:54And this hybrid structure MSTR has, holding Bitcoin and running a software business, that puts it in a different category than, say, the Bitcoin mining stocks.

19:03I'd argue it puts them in a different league, really.

19:06Mining stocks like Marathon Digital or Riot Platforms, they're definitely leveraged plays on Bitcoin, no doubt.

19:12But they have huge operational complexities, electricity costs, buying new machines, depreciation.

19:18Whereas MSTR has the balance sheet leverage from holding Bitcoin, plus a separate profitable software engine humming along.

19:25Exactly.

19:27That specific combination, massive Bitcoin holdings, plus a functioning, profitable enterprise software business, is what makes MSTR so uniquely appealing.

19:36It attracts both the crypto speculators and more traditional growth-oriented investors.

19:41Okay, let's zoom out then for our final section, section four.

19:44Yeah.

19:45The broader implications, the risks, and the future outlook.

19:49This is the so what for you listening, especially if you're interested in the wider crypto space.

19:54Why does the performance of this one NASDAQ-listed software company actually matter to the average Bitcoin investor?

20:00Well, I think MSTR's resilience and this revaluation we've been talking about signals something important about the whole Bitcoin ecosystem maturing.

20:08Why so?

20:08When a public company takes these aggressive crypto bets, navigates the volatility, and still comes out with sustained growth and investor confidence within the regulated stock market, it helps validate Bitcoin itself.

20:21It makes it look more like a serious, viable macro asset class.

20:26Maybe comparable in strategic role, if not in history, to something like gold.

20:30And that validation provides legitimacy, right?

20:33It makes it easier for those big institutional investors, the ones with strict rules, to get exposure.

20:38Buying MSTR stock is often much easier for them to justify internally than buying actual Bitcoin directly.

20:45Definitely.

20:45Plus, MSTR's success sends a very loud, very public signal to other corporations.

20:50Every CFO, every corporate treasurer is watching this unfold.

20:53You think it could encourage more companies to put Bitcoin on their balance sheets?

20:56It could incentivize them, yes, to move past maybe the initial fear and see Bitcoin not just as speculation, but as a potential strategic reserve asset, a dynamic store of value that might offer better returns than just holding cash, especially in an inflationary environment.

21:11OK, that's the positive spin, the potential impact.

21:14But we always have to balance the view.

21:16This is a deep dive after all.

21:18If MSTR is a Bitcoin accelerator, what are the big flashing warning signs, the risks?

21:23Absolutely critical to cover the risks.

21:25And the main one is still, without a doubt, extreme volatility.

21:29Because of the leverage.

21:30Because of the leverage.

21:31MSTR is profoundly tied to Bitcoin's price.

21:34If Bitcoin takes a sharp dive MSTR stock, because of that leverage, its debt, that speculative premium we discussed, it will fall faster and harder than Bitcoin itself.

21:44That leverage cuts aggressively both ways.

21:47Investors absolutely have to understand that.

21:49OK, volatility is risk number one.

21:51What else?

21:52You mentioned the sailor premium earlier.

21:54That sounds good in a bull market, but it also implies potential overvaluation, doesn't it?

21:58It absolutely raises valuation concerns.

22:01Critics argue, quite fiercely actually, that MSTR's current market cap is way too high compared to the intrinsic value of just the software business and the Bitcoin it holds.

22:10So if you strip out the Bitcoin value, the price the market is putting on the remaining software business and the strategy is huge, maybe unsustainably huge.

22:20That's the argument.

22:21Some would say if the company were broken up and sold off tomorrow, shareholders would get significantly less than the current stock price suggests, based purely on the book value of the assets.

22:32That premium could evaporate quickly if sentiment changes.

22:34And there are also still regulatory or accounting uncertainties, right?

22:38How crypto assets are treated on corporate books.

22:41Yes, that's another layer of potential pressure.

22:43Current U.S. accounting rules, the gap rules, are often seen as, well, punitive for digital assets like Bitcoin.

22:51How so?

22:51What do they require?

22:52Generally, they treat Bitcoin as an indefinite, lived, intangible asset.

22:57The crucial part is companies have to record it at its lowest value since they bought it, and they can only mark it up to fair value if they sell it.

23:04They can't mark it up just because the market price went up.

23:06Wow.

23:07So MSTR's official balance sheet shows their Bitcoin at a cost basis that might be way, way below the current market price.

23:14Exactly.

23:15It creates this massive hidden value gap on the official books.

23:19It can artificially make the company look less financially stable than it might actually be, based on the real market value of its assets.

23:27Though, fairness, new accounting rules are being actively discussed to try and fix this distortion.

23:32So the market, by paying that premium, is essentially looking past the official accounting and valuing the Bitcoin at market rates anyway.

23:41It seems so.

23:42Investors right now seem focused on the longer-term story institutional adoption, the belief that accounting rules will eventually evolve.

23:50They're basically betting that the market's assessment is more accurate than the current accounting rules allow the balance sheet to reflect.

23:56They're overriding those short-term fluctuations and nuances for now.

24:00Okay, risks noted.

24:01Let's look ahead now.

24:02The future outlook.

24:03If Bitcoin keeps climbing, maybe makes a run towards that big psychological number, $100,000.

24:08What could that mean for MSTR, given everything we've discussed?

24:11Well, based on that historical 2x to 3x leverage factor we talked about, if Bitcoin were to decisively break through and hold $100,000, MSTR could see truly outsized gains, potentially exponential.

24:26It could hit new all-time highs that might make even its current valuation seem, well, almost reasonable in hindsight.

24:33The market would basically be cheering the validation of the whole strategy.

24:35Complete validation, yes.

24:37Both the asset appreciation and the aggressive treasury management approach.

24:42And Saylor himself keeps dropping hints about even bolder moves, right?

24:45Things that could change the company's structure even more.

24:48He does.

24:48He's publicly floated ideas like potentially tokenizing micro-strategy assets.

24:54Tokenizing assets.

24:54You mean putting parts of the company or is Bitcoin holdings onto a blockchain somehow?

24:59That seems to be the concept, yes.

25:00Or maybe issuing new kinds of Bitcoin-backed digital securities directly from the company.

25:04These are really forward-looking ideas that would totally blur the lines between traditional corporate finance, you know, Web2 finance, and cutting-edge Web3 or decentralized finance.

25:13That sounds like the ultimate transformation, turning MSTR into a truly, fundamentally Bitcoin-native corporation, like a template for others.

25:23That seems to be the long-term vision they're painting.

25:26MSTR is effectively trying to pioneer the path to prove the model that a public company can run its treasury on Bitcoin, build its products around Bitcoin infrastructure, and use that synergy to create hopefully enhanced and differentiated value for shareholders.

25:40They could be setting the stage for a whole new generation of publicly traded crypto-first companies.

25:45Wow. Okay, that was a really comprehensive deep dive.

25:49We've covered a lot of ground trying to understand this unique MSTR story.

25:52It seems clear that micro-strategies evolving narrative, you know, shifting from just being the biggest Bitcoin whale to being seen as this strategic Bitcoin-powered tech platform that's really the core driver behind this latest and maybe more resilient stock search.

26:06It is a remarkable evolution, I agree, and it definitely signals a kind of maturation in how the broader market is starting to view serious crypto exposure.

26:16So maybe here's a final thought, a provocative question for you listening to mull over after all this.

26:22Considering the extreme leverage, that growing sailor premium, the inherent volatility, do you think micro-strategy is still the smartest, maybe even essential Bitcoin play, particularly for institutions?

26:34Or is the stock now getting so potentially overvalued that the risk embedded in that premium has just become too great to ignore?

26:42That is a great question to chew on.

26:44It really forces you to weigh the potential reward against that very real risk.

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27:15And honestly, that engagement is what allows us to dedicate the time and resources needed to bring you these comprehensive two-sided deep dives.

27:24We want to make sure you always get the full picture, not just the quick headlines.

27:27So we really appreciate your support and your time listening.

27:30Thanks for tuning in.

27:31We'll catch you on the next deep dive.

27:33We'll catch you on the next deep dive.