Within the new X submit, well-known Bitcoin evangelist Max Skiser locations Technique (MSTR) and its chairman Michael Saylor in the identical class as Elon Musk and Tesla. The essence of Keizer’s message is that the premium on MSTR shares displays greater than the corporate’s Bitcoin Holdings, but additionally displays traders’ belief in Saylor.
By unconventional analogy, Keizer argues that traders are shopping for “jockeys, not horses” in an analogous solution to how Tesla as soon as traded at excessive multiples, based mostly on their perception in Elon Musk’s capability to offer.
Numbers give weight to that framing. The technique is Bitcoin’s greatest public proprietor, with 636,505 BTC (value round $70.6 billion at right now’s worth) within the e book. The corporate’s common buy price is $73,765, which means its return on funding is at 50.5%, however its inventory market worth is even additional.
$MSTR MNAV Premium displays @Saylor’s capabilities.
Identical as a $TSLA buying and selling with 200x revenues, reflecting @elonmusk’s genius.
You are shopping for jockeys, not horses.
Together with all the opposite Bitcoin finance firms, you’re shopping for horses.
– Max Bitcoin (@maxkeiser) September 4, 2025
MSTR’s diluted market capitalization reached $100 billion. In comparison with the Internet Bitcoin worth, the MNAV ratio is traded at 1.48. Enterprise Worth will improve this to 1.53.
Why a method?
That is what distinguishes the technique from the remainder of the record. BitcointreasuriesNet numbers spotlight the hole. Mara Holdings, second-listed at 50,639 BTC, trades at simply 1.04 diluted MNAV.
The Keizer comparability exhibits why Saylor’s firm is exclusive within the Bitcoin Treasury world. Traders are at the moment searching for extra than simply BTC publicity. They need to know that these with experience in managing the biggest company Bitcoin assortment in historical past will proceed to create extra worth.
