Is MSTR a good stock to buy? We came across a bullish thesis on Strategy Inc on The Analyst’s Journal’s Substack by RA_Capital. In this article, we will summarize the bulls’ thesis on MSTR. Strategy Inc’s share was trading at $170.81 as of April 20th. MSTR’s trailing and forward P/E were 5.30 and 1.29, respectively according to Yahoo Finance.
Strategy Inc, together with its subsidiaries, operates as a bitcoin treasury company in the United States and internationally. MSTR (formerly MicroStrategy) has transformed from an enterprise software provider into the world’s first and largest “Bitcoin Treasury Company,” holding 713,502 BTC, representing over 3.4% of total Bitcoin supply and valued at approximately $59.75 billion as of February 1, 2026. This strategic pivot positions the company uniquely at the intersection of enterprise software and cryptocurrency, offering investors both operating business exposure and indirect access to Bitcoin.
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At its current stock price of $133.88, Strategy Inc trades at a 17.5% discount to its net asset value (NAV), marking the first extended period below NAV since early 2024. This discount presents a rare arbitrage opportunity, effectively allowing investors to gain exposure to Bitcoin at $0.83 on the dollar, while also benefiting from the company’s profitable software business and Michael Saylor’s disciplined Bitcoin accumulation strategy.
The market’s mispricing reflects a combination of short-term volatility in Bitcoin prices and the broader misunderstanding of the company’s dual value proposition. Beyond the arbitrage potential, the software segment continues to generate cash flow, reinforcing the company’s balance sheet and providing optionality for future growth or debt reduction. For investors seeking a high-conviction, contrarian opportunity, Strategy Inc offers a compelling risk/reward profile, combining deep Bitcoin exposure, a resilient enterprise software business, and the potential for NAV convergence to drive substantial upside.
The stock’s mispricing, coupled with a long-term Bitcoin accumulation strategy, creates a unique window to participate in both cryptocurrency appreciation and the operational performance of a public software company, making Strategy Inc one of the most distinctive investment opportunities in the market today.
Previously, we covered a bearish thesis on Strategy Incorporated (MSTR) by Charly AI in May 2025, which highlighted the company’s leveraged Bitcoin exposure, deteriorating software business, rising debt, and fragile balance sheet with negative free cash flow. MSTR’s stock price has depreciated by approximately 55.23% since our coverage due to Bitcoin Volatility. RA_Capital shares a contrarian view but emphasizes on NAV discount-driven upside, Bitcoin treasury scale, and arbitrage opportunity.
