I recently noticed a quite interesting debate on X among seasoned crypto investors. Instead of just directly buying Bitcoin, they are starting to look at MicroStrategy (MSTR) — a software company with a massive Bitcoin accumulation history. So what is MSTR that’s causing this attention?

MicroStrategy is not an ordinary crypto project. It’s a software company led by Michael Saylor, a well-known figure with a philosophy of maximizing Bitcoin. The company currently holds over 189,000 BTC, worth about $8 billion according to recent estimates. In other words, MSTR is essentially an indirect way to gain exposure to Bitcoin through a publicly traded company.

Adam Back, head of Blockstream, recently offered an interesting analysis. He argued that MSTR’s stock is trading at a significant discount compared to the value of the Bitcoin the company holds. According to Back’s calculations, if you consider only the software business value (around $2 billion) plus the Bitcoin holdings, the fair market price of MSTR should be around $625–$685 per share.

But what happened? Earlier this year, MSTR surged to $685, even surpassing Bitcoin’s own gains. Everyone was excited about the newly approved Bitcoin spot ETFs. However, after these ETFs officially launched, both BTC and MSTR experienced sell-offs. MSTR took a particularly sharp drop, falling to $482 in mid-January — a 30% decline from its peak.

Interestingly, many investors previously viewed MSTR as an unofficial Bitcoin ETF, since the company’s strategy was to issue new shares to buy more Bitcoin. When actual ETFs launched, this demand diminished. Other related stocks like Coinbase also dropped about 15%, while Cleanspark fared worse with a 33% decline.

However, the story doesn’t end there. Some analysts point out that MSTR still has to shoulder the company’s $2 billion debt. Back admits this, but believes that the debt will “increase over time” and isn’t the main issue. According to experts’ calculations, even if Bitcoin reaches $200,000, MSTR would still be less efficient than holding Bitcoin directly or even compared to leveraged ETFs.

Overall, the question of what MSTR is and whether to buy it remains controversial. Back remains optimistic, but the current market shows a more complex picture. If you’re looking to gain exposure to Bitcoin through stocks, MSTR could be an option, but it’s important to carefully compare it with other available choices today.