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