Entering the second half of this year, as part of the portfolio and significantly increasing the position in MSTR after the U.S. presidential election, the current unrealized gains exceed $0.12 million.
As for future plans, a partial or complete profit-taking and position adjustments will be made. At this stage, it is not pessimistic about the future, but rather a response to the fact that the position has become significantly larger than the risk tolerance. Depending on the market, the timing of profit-taking and the amount of adjustment will vary.
In the current analysis, MSTR has increased its holdings by buying more through convertible bonds for financing, with over 0.33 million BTC currently held, which is well over 1% of the total circulating Bitcoin supply, making it the number one publicly traded company. When converted at $0.09 million per 1 BTC, it is approximately $30 billion, and considering from MSTR's market capitalization, it is not hard to imagine that the Bitcoin price directly affects the stock price. A similar situation is observed with MARA, currently in second place, which has also announced plans to acquire Bitcoin using part of the funds from bond issuance.
On the other hand, in contrast to the rise in the value of bitcoin, MSTR's share price increase seems to have a relatively leveraged situation...