Overview
- Willy Woo estimates about $1.01 billion in convertible notes face a Sept. 15, 2027 holder put, with settlement allowed in cash, shares, or a mix.
- He calculates that no Bitcoin sale is needed if MSTR trades above roughly $183 per share, implying around $91,500 per BTC at an mNAV of 1.0.
- MSTR fell about 7% to $246.99, a seven-month low, as Bitcoin slid roughly 9% over the past week by Coingecko data.
- Following the share decline, the company proposed an IPO of 3.5 million shares of 10.00% Series A Perpetual Stream Preferred Stock with €100 face value.
- MicroStrategy holds about 641,205 BTC worth roughly $64 billion, though Woo cautions that prolonged Bitcoin stagnation into 2028 could still prompt partial sales.