This is absolutely insane: MicroStrategy's market cap is now worth $10 billion LESS than their Bitcoin holdings. MicroStrategy, MSTR, is down -12% today and -57% since October 6th. This puts the company's market cap at $45 billion. Meanwhile, MicroStrategy holds 650,000 Bitcoin worth $55 billion. In other words, MicroStrategy's market cap is now trading $10 billion BELOW the value of their Bitcoin holdings. Even if you subtract MicroStrategy's current debt pile of $8.2 billion from their current Bitcoin holdings, they still hold $46.8 billion worth of Bitcoin on a NET basis. MicroStrategy's NET Bitcoin holdings are still $1.8 billion ABOVE their current market cap, not including any cash on their balance sheet. Can Saylor keep buying?(The Kobeissi Letter)