MSTR wasn't spared this week either

It came close to $148 midweek, then fell all the way with BTC, hitting a low near $125 and losing nearly 8% for the week

I chose to go long at $133 because $MSTR 's earnings report this time is worth discussing:

Third-quarter net income reached as high as $19.5 billion, and its BTC holdings also grew to 848.5k BTC, but BTC Yield year to date was -3.7%

This shows that although the company is still buying BTC, based on its own BTC-per-share metric, common shareholders have not received the expected accretion

On top of that, concerns about this financing model are understandable given the funding pressure from STRC buybacks and preferred stock dividends

However, this trade is more of a bet on a rebound after being oversold

After all, MSTR is quite sensitive to BTC price fluctuations, and after the continuous declines earlier, the rebound in sentiment may also be larger

Next week, the first thing to watch is whether it can regain and hold $140; the weekly low near $125 is an important reference for judging whether the rationale for this rebound still holds

#Strategy优先股回归100美元面值