Michael Saylor's Strategy Drops $18B in Value, but a Rebound May Be Near: 10X Research

MicroStrategy (MSTR), the largest corporate holder of Bitcoin, has seen its market value drop by nearly $18 billion as enthusiasm waned and its net asset value (mNAV) premium collapsed. However, 10x Research's Markus Thielen, who was previously bearish, now views the stock as attractive at current levels, noting the NAV premium is largely gone and volatility is high. Thielen points to a potential catalyst this week: the company's Thursday earnings report, where he expects a roughly $3.6 billion profit from mark-to-market gains on its BTC holdings. This profit could reignite speculation for a potential S&P 500 index inclusion decision in December, a move Thielen now assigns a 60–70% probability. Inclusion in the S&P 500 could drive up to $28 billion in fund flows, potentially leading to a rally similar to those seen by Coinbase and Robinhood after their inclusions.

(Source：CoinDesk)