MSTR - MicroStrategy Inc.

MicroStrategy sold 32 bitcoins at ~$77k then bought back 15,550 at ~$65k. The hosts debate whether this was a genius strategy to buy lower or suspicious market manipulation. Average cost basis is ~$76,868.

Missed EPS by 102% and missed revenue by 1%. Hosts note earnings are never relevant for MSTR - it's just a Bitcoin proxy. Up 20% YTD despite a rough year for Bitcoin.

Brown highlights the high risks associated with MicroStrategy's reliance on Bitcoin price increases.

The host mentions BMNR represents about 1% of his portfolio. He's excited about agentic payments on Ethereum but notes it's a holding company, not an actual business, and he prefers investing in businesses. He's not going all-in on this speculative name.

Business model broken, over-leveraged Bitcoin proxy, derivative products risky.

MicroStrategy calls printed on the rally. Host suggests puts could be a good short-term swing trade play. Longer term, believes Bitcoin (and therefore MicroStrategy) may have put in a bottom, so could be looking up from here.

Host discusses possibility of MicroStrategy being forced to sell Bitcoin, but does not give a personal recommendation on the stock.

The creator mocks Michael Saylor for losing $17 billion last quarter and jokes about potential bankruptcy. He uses MSTR as a cautionary example of excessive Bitcoin exposure, implying it's not a good position to hold.

Graham debunks liquidation fears around Michael Saylor's MicroStrategy, explaining that their convertible debt structure means they won't be forced to sell Bitcoin at lower prices. The main risk is prolonged low prices leading to shareholder dilution.

Earnings described as not mattering for MSTR — it's just a Bitcoin proxy. Stock flat after hours. The earnings call was replaced by a panel at a Bitcoin Magazine conference.