It seems that many people don't even realize how early we are in this trend.

MicroStrategy already holds 471,107 BTC. It's just a cannon.

And now let's add some statistics: February is historically one of the strongest months for bitcoin. Over the past 12 years, it has closed in the red only 2 (!) times.

Historical data of February in post-halving years

2013: +62.71%
2017: +22.71%
2021: +36.80%

The average growth is 40.74%.

Fundamental factors

• New bills on the bitcoin reserves of the states every week
• Foreign central banks begin to frontrun the United States
• Senator Lummis is preparing a hearing on the national Bitcoin Reserve

The catalysts are just crazy.

And this is without taking into account the fact that tomorrow Sailor will hold another master class at the earnings call.

Projected cost of MSTR

If bitcoin repeats the average February growth after halving, then this is ~$140,000 per BTC.

And now we're counting:

• That's $66 billion in bitcoin on the MSTR balance, even if they don't buy more (and they certainly will).

• The current mNAV (market value of assets) is one of the lowest in the last 13 months.

• If we go back to 2.8 mNAV, then MSTR = $733 per share.

• If mNAV rises to 4x, as in November, it will be $1,048 per share.

What is mNAV?

mNAV (Modified Net Asset Value) is an indicator that estimates the value of a company's assets, in this case MicroStrategy, taking into account the market price of bitcoin. It reflects how much MSTR shares are trading relative to their actual Bitcoin exposure. When mNAV is low, it means that the market values the company at a discount, and when it is high, investors are willing to pay a premium for owning securities.

The main question is whether mNav will return to these values. We'll find out soon enough.