Based solely on the market value of Bitcoin holdings, and excluding ALL debt, $MSTR's FULLY DILUTED price to book is 1.85.
The average S&P 500 P/B ratio is 5.32. Bloomberg’s S&P Global 1200 Financial Sector index ("SGFS") P/B ratio is approximately 1.90.
And people want to claim MSTR is overpriced?

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