MSTR acts as a high-beta Bitcoin proxy; recent price surge indicates returning confidence, but negative NAV premium persists.

Time to cover Bitcoin and MicroStrategy and see what's going on in the world.

However, strategy bought for the first time in nearly 2 and 1/2 months, grabbing 4,600 Bitcoin. We'll break that down too as well.

Saylor is back. He buys for the first time since the 22nd of June, literally, they were at 0.6% Bitcoin yield for the year 2026, which is the lowest they've ever had. And I know that has pained Michael Saylor a lot.

But, guess what? He came back big, buying nearly 5,000 Bitcoin, 4,603 to be precise, for 370 million.

First of all, the math of their buy, they sold 4 and 1/2 million MicroStrategy shares worth $603 million at about 133 a share. So, they did a very good job of selling the top of MicroStrategy.

In fact, MicroStrategy is still strong again today.

And they bought $370 million worth of Bitcoin. They spent $152 million on buying back STR C about 1.6 million shares to inflate the price inflate the price and that's what I was saying last week.

You can see it on the charts that he was buying his own STR C to bring it back to 100 if he can so he can activate the flywheel. And then 50.7 million in cash to fund the dividends.

So, that's where it all went. It didn't all go into Bitcoin and that's important to realize, too.

So, hopefully, you know, the NAV premium is still negative, which means we're not getting the stack accretion, but at least they're stacking Bitcoin again. And for many, that's a good signal to use MicroStrategy as a proxy.

Remember, there's many big hedge funds and other players that actually can't buy Bitcoin spot. So, they have to buy either ETFs or MicroStrategy instead and that's what many of them do.

Now, Bitcoin was flat over the last few days, but MicroStrategy certainly was not. It shot up from 92 bucks to $132, which is a very big move. So, again, just like in the bear, MicroStrategy gets hammered harder than Bitcoin.

So, if the beta is a multiple of Bitcoin. So, for example, if Bitcoin falls 10%, MicroStrategy can fall 20%, but the corollary is also true. If Bitcoin goes up, MicroStrategy will go up more.

In this case, Bitcoin was flat and MicroStrategy went up a hell of a lot. So, that means confidence is coming back to the asset.

Uh still no NAV premium yet on the stock, but hopefully they'll get there close. We probably need Bitcoin to spike above that 85 90k for that to happen.