What is the net asset value of $MicroStrategy (MSTR.US)$ stock? Based on the current holding of 386,000 Bitcoins, calculated at $95,000 each, the total market value is $38 billion, while the total shares outstanding are 230 million, averaging $165 per share. The current market price is $385, which presents a 2.5 times premium. Additionally, $MicroStrategy (MSTR.US)$ had $6 billion in debt last quarter, which has likely increased by at least $5-10 billion over the past two months, so the net asset value calculation needs to further reduce the share price by $20-30 per share. If these 386,000 Bitcoins need to be liquidated, capital gains tax will also apply; calculated at an average cost of $55,000, the capital gains tax per Bitcoin will be around $10,000.

The best way to increase the net asset value of $MicroStrategy (MSTR.US)$ is to sell stock and buy Bitcoin, which can quickly narrow the unreasonable premium. Recently, MSTR has launched a $2 billion plan to raise $500 million in stock financing, so this timing can indeed be considered for shorting stocks and going long on Bitcoin as a hedge.