• Insider Transactions:
• Institutions:
• Funds:

On the one hand, Microstrategy is essentially a proxy play on Bitcoin: with MSTR trading for just over the value of its Bitcoin, it means we can hold Microstrategy as a kind of quasi-ETF on Bitcoin and get the underlying data analytics company - a business with an existing customer base and roughly $500M annually in recurring revenues - for free.

On the other hand, it appears Michael Saylor’s goal is to turn Microstrategy into the “Microsoft of micropayments”, which means we get collateralised exposure to that as well.

Saylor believes that Bitcoin’s Lightning Network will become the global standard for micropayments - and micropayments will power the AI-driven economy of the next 5 to 20 years; the hope is that Microstrategy will be the dominant, incumbent infrastructure player to facilitate that vision.

As we’re just getting early hints of now, micropayments go beyond tiny payments for content, like a web article or a song stream: they can also be used to incentivize behaviours, as well as dis-incentivizing negative or malicious actions, like spammers, bots and scammers.

Also see our members-only research report for Microstrategy