Strategy (MSTR) Stock Still Looks Below Fair Value As Bitcoin Buying Resumes

Strategy stock has delivered a very strong 3 year gain, yet the broader valuation checks currently lean expensive, which leaves investors weighing recent momentum against a less supportive value profile.

• Over the past 3 years Strategy has returned about 310%, which places recent weakness over 1 year in the context of a very strong multi year run.
• The company’s renewed push to acquire more Bitcoin and active capital raising can support perceived asset backing, while reliance on Bitcoin price moves and evolving index eligibility rules may add uncertainty to how investors value the stock.
• The broader checks assign Strategy a low value score of 2 out of 6, which points to a stock that does not screen as a clear bargain on this framework.

The issue now is whether Strategy’s share price already reflects its Bitcoin exposure and recent balance sheet moves or still leaves room for further upside based on today’s valuation markers.

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Does Strategy Look Undervalued on Book Value?

P/B makes sense for Strategy because much of the story is about the value of its Bitcoin and other balance sheet assets rather than traditional earnings. The stock currently trades on a P/B of 1.8x, which is below the wider software industry average of about 3.1x and far below the quoted peer average near 17.8x.