To tie my short novel above into why Saylor is a total Degenerate who will be nuked, he is soaking up people dumping on him by issuing shares and sending the price up which allows issuing of more shares to soak up more dumping. He successfully built the self funding infinite energy machine.
Where are the other big buyers? Why after 4yrs are we still relying on Saylor buying? We should have another 10,000 Sailors right now. Hell, even Tesla dumped but where is their replacement?
The S&P PE ratio peaked at 47 during the Dotcom, it peaked at 123 for the GFC. MSTR currently sits at 590, is the 3rd largest BTC holder and its operation is buying BTC to make the price go up so it can issue shares to buy BTC and make the price go up.
A few quick comments.
Saylor is an absolute legend.
What his doing is entirely appropriate. Anyone (and any could have borrowed (devaluing) money, and purchased (appreciating) Bitcoin. Indeed, this is the role of capital - to efficiently allocate to ensure it is best preserved and/or produces the greatest return. He was entirely transparent about this at all times, and any shareholder who didn't like this move was free to sell (and those that did now regret it big time).
Further, when you have the underlying income-producing part of the business overvalued (by my calculation by around 30%), it again is the right thing to do, to issue shares, and then make use of that money to benefit shareholders by putting it to better use to create value, which is exactly what he is doing.
MSTR owns around 0.7% of all BTC ever issued, which is a shitload - good on them, they moved fast and decisively. He is also a great advocate for BTC, which at the same time is of great benefit to his sharehodlers.
Again, any company could have (and still can) adopt a similar strategy. Indeed thousands of companies are already buying BTC as a reserve asset, and the real big boys in finance (who move much slower) are about to get started doing so, as over time, will sovereign wealth funds. So, this party is just getting started. If BTC continues this progression in adoption, the value of BTC in a decade will be mind-blowing. (I urge anyone to become a whole-coiner if they still can).
Tesla I suspect will move directly into BTC mining (you heard it here first). A typical Musk move, for numerous reasons.
As for MSTR, don't let the PE distract you. The BTC EFT's by comparison will have zero "E". That MSTR has any E at all in simply a function of their data analytics biz compared to their overall assets they hold (which is of course the BTC). So I would expect that PE to continue to increase over time.