Strategy developed indicators to explain MSTR dilution, and its current market value is 84% higher than its BTC holdings

Here is the English translation: The news from Mars Finance reports that the Bitcoin financial company Strategy (formerly MicroStrategy) announced its financial results this week, and its founder Michael Saylor spent over an hour in a webinar highlighting 'financial abstraction'. While he provided some basic metrics on the company's Q4 performance, the main focus was on renaming 'shareholder dilution' as 'BTC Gain' and other such phrases. Through a complex financial chain, Strategy has successfully diluted shareholder equity by focusing on abstract financial models that look at the number of BTC per share rather than the reasons behind that number. Although Strategy operates a declining enterprise software business (worth less than $3 billion before its pivot to a BTC strategy in August 2020), its $85 billion market cap is almost entirely derived from its $46 billion worth of BTC. The company's market cap trading at an 84% premium above its BTC holdings value is real, with investors calling it an 'asset premium' or 'mNAV'. As of the time of writing, Strategy's mNAV is 1.84x. For various reasons, including the company's ability to sell attractively priced corporate bonds as a hedge against its volatility to short, Strategy has traded at a premium to its BTC holdings for years. As of November 2024, its mNAV is still above 3.4x. The premium investors pay for Strategy stock above its BTC holdings covers virtually all the other aspects Wall Street cares about: accounting models, option pricing, corporate bond yields, stock conversions, and new KPIs introduced by Saylor like BTC Yield, BTC Earnings, and BTC Dollar Earnings, all of which perform positively within the basic mNAV framework. The company has also listed a new dividend-paying convertible preferred stock STRK on the Nasdaq.