The Kobeissi Letter|Dec 01, 2025 17:31
MicroStrategy's Current Situation:
1. Bitcoin holdings: $55.2 billion
2. Debt holdings: $8.2 billion
3. Cash reserve (announced today): $1.4 billion
4. Bitcoin holdings - Debt + Cash: $48.4 billion
5. Market cap of MSTR: $45 billion
MicroStrategy's NET Bitcoin holdings are now $3.4 billion ABOVE the company's market cap.
The market is pricing-in extreme amounts of risk.(The Kobeissi Letter)
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