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There are reasons why you might expect it to be valued at a premium to NAV - like pretty much every other quoted company.
For example:- through time it has increased its ratio of Bitcoin held per share quite significantly - so makes sense to value it on some BTC per share, not the present / historical figure.
- some people believe that there is additional value in having a shit load of bitcoin, that you will be able to do things with it - be some sort of bitcoin bank, etc that will create revenue streams. Not clear exactly how they might work, but there could be something in it.
- first mover advantage. If anyone else wanted to be the bitcoin bank or whatever and tried to buy up as much BTC as MSTR already has, they most likely couldn't do it without driving the price - and the MSTR share price - up massively
Where you value it depends on your view of factors like this, but it is not the same as an ETF.
- through time it has increased its ratio of Bitcoin held per share quite significantly - so makes sense to value it on some BTC per share, not the present / historical figure.
frank9755
@ChasnotRobert
ah, ok. seems like quite a high premium for the tax benefit though.
also Microstrategy doesn't really seem like a widows and orphans type stock ideally suited to a pension portfolio. if it still exists in 10 years i will be surprised, whilst recognising that i have been surprised about quite a few things over the last 5 decades, so there is a chance that the $3tn valuation will work out... (below courtesy of FT)