Bitcoin in the VP
Posted: Thu Feb 12, 2026 1:56 pm
What happens when Michael Saylor owns all the bitcoin? 
I notice that as the price of his stock and bitcoin has gone down, he's become more unhinged in his interviews.
Interestingly, despite the incredible drop, the stock is still selling at a net asset value multiple of 1.19. It's hard to make the argument it's particularly undervalued.