According to The Kobeissi Letter, MicroStrategy holds $55.2 billion in Bitcoin, carries $8.2 billion in debt, and announced a $1.4 billion cash reserve today. According to The Kobeissi Letter, these figures imply a net Bitcoin value of $48.4 billion (Bitcoin holdings minus debt plus cash) versus a $45 billion MSTR market cap, indicating roughly a 7% discount. According to The Kobeissi Letter, this suggests MSTR is priced below its reported net BTC exposure, a valuation gap traders can monitor for potential discount widening or narrowing relative to BTC price action.