![](https://images.ecency.com/DQmZXmcPwoJgDo6qum7o8YY4ofGnNABSSJy3xSU2hp5pgd9/casino_gambler_high_risk_all_in_on_roulette_hd_4k_default_sdb_0.1_none_982060.png)

Today, we’re focusing on a stock that behaves similarly to Bitcoin while also incorporating artificial intelligence. Fundamentally, opinions may vary, but the strategy of continuously buying Bitcoin—and even doing so on credit—is likely something for absolute professionals. As long as there’s a business behind it that generates revenue, speculation on credit might be manageable. Rising subscriptions for AI-powered software to streamline business operations isn’t new in the market, but it is an emerging segment.

However, the price-to-earnings ratio and rising interest rates are stumbling blocks on the path to glory. Another sign of cooling could be formed by the weekly candle tonight, as we’ve already seen a signal here. The lower trigger of the PG (a technical indicator) on a weekly basis has already been breached, albeit not yet sustainably. At the same time, Bitcoin is also having a tough day today and remains in negative territory. Who knows who might still see the ultimate chance for luck tonight and go long aggressively, both in Bitcoin and in MicroStrategy’s stock. To return to neutral territory, we’d need to at least hold the $367 mark and ideally avoid closing below it. A decisive close below this level could enable a larger ABC correction, and the starting point could be set today.

* * *

### **MicroStrategy (MSTR) – Market Report**

#### **1\. Current Key Data**

<table style="min-width: 100px"><colgroup><col style="min-width: 25px"><col style="min-width: 25px"><col style="min-width: 25px"><col style="min-width: 25px"></colgroup><tbody><tr><th colspan="1" rowspan="1"><p><strong>Category</strong></p></th><th colspan="1" rowspan="1"><p><strong>Value</strong></p></th><th colspan="1" rowspan="1"><p><strong>Description</strong></p></th><th colspan="1" rowspan="1"><p><strong>Source</strong></p></th></tr><tr><td colspan="1" rowspan="1"><p><strong>Current Price</strong></p></td><td colspan="1" rowspan="1"><p>$1,850</p></td><td colspan="1" rowspan="1"><p>Last traded price (NASDAQ, June 27, 2025)</p></td><td colspan="1" rowspan="1"><p>Yahoo Finance</p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>52-Week Range</strong></p></td><td colspan="1" rowspan="1"><p>$1,200 – $2,272</p></td><td colspan="1" rowspan="1"><p>High volatility due to Bitcoin exposure</p></td><td colspan="1" rowspan="1"><p>MarketWatch</p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>Market Cap</strong></p></td><td colspan="1" rowspan="1"><p>$45.5B</p></td><td colspan="1" rowspan="1"><p>Based on 245.78M outstanding shares</p></td><td colspan="1" rowspan="1"><p>MicroStrategy IR</p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>Beta (5Y)</strong></p></td><td colspan="1" rowspan="1"><p>2.5</p></td><td colspan="1" rowspan="1"><p>2.5x more volatile than S&amp;P 500</p></td><td colspan="1" rowspan="1"><p>TipRanks</p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>Short Interest</strong></p></td><td colspan="1" rowspan="1"><p>12% (Float)</p></td><td colspan="1" rowspan="1"><p>High speculation on downside</p></td><td colspan="1" rowspan="1"><p>S3 Partners</p></td></tr></tbody></table>

#### **2\. Financial Metrics (Q1 2025)**

<table style="min-width: 100px"><colgroup><col style="min-width: 25px"><col style="min-width: 25px"><col style="min-width: 25px"><col style="min-width: 25px"></colgroup><tbody><tr><th colspan="1" rowspan="1"><p><strong>Metric</strong></p></th><th colspan="1" rowspan="1"><p><strong>Value</strong></p></th><th colspan="1" rowspan="1"><p><strong>Description</strong></p></th><th colspan="1" rowspan="1"><p><strong>Source</strong></p></th></tr><tr><td colspan="1" rowspan="1"><p><strong>Revenue</strong></p></td><td colspan="1" rowspan="1"><p>$111.1M</p></td><td colspan="1" rowspan="1"><p>-3.6% YoY; decline in support biz, but +61.6% AI sub growth</p></td><td colspan="1" rowspan="1"><p>Q1 2025 Press Release</p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>Gross Margin</strong></p></td><td colspan="1" rowspan="1"><p>69.4%</p></td><td colspan="1" rowspan="1"><p>Slight decline from 74% (Q1 2024)</p></td><td colspan="1" rowspan="1"><p>SEC Filing</p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>Net Loss</strong></p></td><td colspan="1" rowspan="1"><p>-$4.217B</p></td><td colspan="1" rowspan="1"><p>Includes $5.9B unrealized Bitcoin loss (non-cash)</p></td><td colspan="1" rowspan="1"><p>Bloomberg</p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>EBITDA</strong></p></td><td colspan="1" rowspan="1"><p>-$3.9B</p></td><td colspan="1" rowspan="1"><p>Adjusted for Bitcoin: +$35M</p></td><td colspan="1" rowspan="1"><p>S&amp;P Capital IQ</p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>Free Cash Flow</strong></p></td><td colspan="1" rowspan="1"><p>-$18M</p></td><td colspan="1" rowspan="1"><p>Liquidity strain from interest payments</p></td><td colspan="1" rowspan="1"><p>MarketScreener</p></td></tr></tbody></table>

#### **3\. Balance Sheet (March 2025)**

<table style="min-width: 100px"><colgroup><col style="min-width: 25px"><col style="min-width: 25px"><col style="min-width: 25px"><col style="min-width: 25px"></colgroup><tbody><tr><th colspan="1" rowspan="1"><p><strong>Item</strong></p></th><th colspan="1" rowspan="1"><p><strong>Value</strong></p></th><th colspan="1" rowspan="1"><p><strong>Description</strong></p></th><th colspan="1" rowspan="1"><p><strong>Source</strong></p></th></tr><tr><td colspan="1" rowspan="1"><p><strong>Bitcoin Holdings</strong></p></td><td colspan="1" rowspan="1"><p>214,400 BTC</p></td><td colspan="1" rowspan="1"><p>Market value: ~$15.7B (at $73,000/BTC)</p></td><td colspan="1" rowspan="1"><p>BTC Holdings Report</p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>Cash</strong></p></td><td colspan="1" rowspan="1"><p>$38.1M</p></td><td colspan="1" rowspan="1"><p>Sharp decline (Q1 2024: $46.8M)</p></td><td colspan="1" rowspan="1"><p>StockAnalysis</p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>Total Debt</strong></p></td><td colspan="1" rowspan="1"><p>$7.26B</p></td><td colspan="1" rowspan="1"><p>Includes $2.2B convertible bonds (due 2027–2032)</p></td><td colspan="1" rowspan="1"><p>SEC 10-Q</p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>Equity</strong></p></td><td colspan="1" rowspan="1"><p>$18.23B</p></td><td colspan="1" rowspan="1"><p>Theoretical book value: ~$74/share (ex-Bitcoin: negative)</p></td><td colspan="1" rowspan="1"><p>GuruFocus</p></td></tr></tbody></table>

#### **4\. Analyst Forecasts (2025–2027)**

<table style="min-width: 175px"><colgroup><col style="min-width: 25px"><col style="min-width: 25px"><col style="min-width: 25px"><col style="min-width: 25px"><col style="min-width: 25px"><col style="min-width: 25px"><col style="min-width: 25px"></colgroup><tbody><tr><th colspan="1" rowspan="1"><p><strong>Year</strong></p></th><th colspan="1" rowspan="1"><p><strong>Revenue (M USD)</strong></p></th><th colspan="1" rowspan="1"><p><strong>EBIT (M USD)</strong></p></th><th colspan="1" rowspan="1"><p><strong>EPS</strong></p></th><th colspan="1" rowspan="1"><p><strong>Bitcoin Purchases (M USD)</strong></p></th><th colspan="1" rowspan="1"><p><strong>Description</strong></p></th><th colspan="1" rowspan="1"><p><strong>Source</strong></p></th></tr><tr><td colspan="1" rowspan="1"><p><strong>2025E</strong></p></td><td colspan="1" rowspan="1"><p>$463.8</p></td><td colspan="1" rowspan="1"><p>-$4,291</p></td><td colspan="1" rowspan="1"><p>-$15.49</p></td><td colspan="1" rowspan="1"><p>$1,800</p></td><td colspan="1" rowspan="1"><p>Consensus: "Hold" (12 of 20 analysts)</p></td><td colspan="1" rowspan="1"><p>TipRanks</p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>2026E</strong></p></td><td colspan="1" rowspan="1"><p>$487.5</p></td><td colspan="1" rowspan="1"><p>$1,676</p></td><td colspan="1" rowspan="1"><p>$6.12</p></td><td colspan="1" rowspan="1"><p>–</p></td><td colspan="1" rowspan="1"><p>Recovery if BTC stabilizes</p></td><td colspan="1" rowspan="1"><p>LongForecast</p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>2027E</strong></p></td><td colspan="1" rowspan="1"><p>$512.3</p></td><td colspan="1" rowspan="1"><p>$3,105</p></td><td colspan="1" rowspan="1"><p>$8.44</p></td><td colspan="1" rowspan="1"><p>–</p></td><td colspan="1" rowspan="1"><p>Profitability from AI revenue</p></td><td colspan="1" rowspan="1"><p>ARK Invest Research</p></td></tr></tbody></table>

#### **5\. Strategic Developments & Risks**

<table style="min-width: 100px"><colgroup><col style="min-width: 25px"><col style="min-width: 25px"><col style="min-width: 25px"><col style="min-width: 25px"></colgroup><tbody><tr><th colspan="1" rowspan="1"><p><strong>Theme</strong></p></th><th colspan="1" rowspan="1"><p><strong>Details</strong></p></th><th colspan="1" rowspan="1"><p><strong>Assessment</strong></p></th><th colspan="1" rowspan="1"><p><strong>Source</strong></p></th></tr><tr><td colspan="1" rowspan="1"><p><strong>AI Push</strong></p></td><td colspan="1" rowspan="1"><p>Named "AI Innovation Leader" in retail (NRF 2025)</p></td><td colspan="1" rowspan="1"><p>Positive for long-term growth</p></td><td colspan="1" rowspan="1"><p>Investing News</p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>Bitcoin Strategy</strong></p></td><td colspan="1" rowspan="1"><p>Plans for more BTC buys (2025: +$1.8B)—high BTC dependency</p></td><td colspan="1" rowspan="1"><p>High risk</p></td><td colspan="1" rowspan="1"><p>CryptoRank</p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>Legal Risks</strong></p></td><td colspan="1" rowspan="1"><p>Lawsuits over digital asset accounting</p></td><td colspan="1" rowspan="1"><p>Near-term negative</p></td><td colspan="1" rowspan="1"><p>GlobeNewswire</p></td></tr></tbody></table>

* * *

### **Summary**

*   **Bitcoin as Driver**: ~70% of company value tied to BTC. Price target hikes during BTC rallies.
    
*   **Operational Weakness**: Software revenue stagnates, but AI segment grows.
    
*   **Debt Burden**: Interest expense rising (~$96M by 2026)—refinancing risk if BTC falls.
    
*   **Valuation**: Currently overvalued (P/S 98x), but long-term potential as "Bitcoin proxy."
    

![](https://images.ecency.com/DQmNk4PKd7Ksp3ugzUrvjkiqttdF9bGoZVuv3a2Hp96aGvi/bildschirmfoto_2025_05_28_um_17.19.28_2_.png)

Heute geht es mal um eine Aktie, die ähnlich wie der Bitcoin läuft und gleichzeitig auch künstliche Intelligenz beinhaltet. Fundamental gesehen kann man denken, was man möchte, aber die Strategie stetig Bitcoin zu kaufen und das auch noch auf Kredit, dies ist wohl was für die absoluten Profis. Solange ein Geschäft dahinter steht, welches auch Umsatz macht, ist Spekulation auf Kredit wohl zu verkraften. Steigende Abonnements für Ki gestützte Software, um betriebliche Abläufe effizienter zu gestalten, ist nichts Neues am Markt, aber ein aufstrebendes Marktsegment.

Das Kurs-Gewinn-Verhältnis und die steigenden Zinsen sind allerdings ein Stolperstein auf dem Weg zum Ruhm. Ein weiteres Zeichen der Abkühlung könnte heute Abend die Wochen Kerze bilden, denn hier haben wir ein Signal gebildet. Der untere Trigger der PG auf Wochen Basis wurde bereits unterschritten, auch wenn noch nicht nachhaltig. Gleichzeitig hat auch der Bitcoin heute einen schweren Tag und tendiert derzeit noch im negativen Bereich. Wer weiß, wer heute Abend noch die ultimative Chance auf das Glück vor sich sieht und kräftig zu langt sowohl im Bitcoin als auch in der Aktie von Micro Strategy. Um wieder ins neutrale Lager zu gelangen, müssen wir zu mindestens die 367 $ Marke halten und möglichst keinen Schlusskurs darunter bilden. Aussagekräftige Schlusskurse unterhalb würde eine größere ABC Korrektur ermöglichen und den Start könnten wir heute setzen.

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### **MicroStrategy (MSTR) – Marktbericht**

* * *

#### **1\. Aktuelle Stammdaten**

<table style="min-width: 100px"><colgroup><col style="min-width: 25px"><col style="min-width: 25px"><col style="min-width: 25px"><col style="min-width: 25px"></colgroup><tbody><tr><th colspan="1" rowspan="1"><p><strong>Kategorie</strong></p></th><th colspan="1" rowspan="1"><p><strong>Wert</strong></p></th><th colspan="1" rowspan="1"><p><strong>Beschreibung</strong></p></th><th colspan="1" rowspan="1"><p><strong>Quelle</strong></p></th></tr><tr><td colspan="1" rowspan="1"><p><strong>Aktueller Kurs</strong></p></td><td colspan="1" rowspan="1"><p>$1,850</p></td><td colspan="1" rowspan="1"><p>Letzter Handelskurs (NASDAQ, 27.06.2025)</p></td><td colspan="1" rowspan="1"><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://finance.yahoo.com/quote/MSTR/">Yahoo Finance</a></p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>52-Wochen-Spanne</strong></p></td><td colspan="1" rowspan="1"><p>$1,200 – $2,272</p></td><td colspan="1" rowspan="1"><p>Hohe Volatilität durch Bitcoin-Exposure</p></td><td colspan="1" rowspan="1"><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://www.marketwatch.com/investing/stock/mstr">MarketWatch</a></p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>Marktkapitalisierung</strong></p></td><td colspan="1" rowspan="1"><p>$45,5 Mrd.</p></td><td colspan="1" rowspan="1"><p>Berechnet aus 245,78 Mio. ausstehenden Aktien</p></td><td colspan="1" rowspan="1"><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://www.microstrategy.com/en/investor-relations">MicroStrategy IR</a></p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>Beta (5J)</strong></p></td><td colspan="1" rowspan="1"><p>2,5</p></td><td colspan="1" rowspan="1"><p>2,5x höhere Volatilität als S&amp;P 500</p></td><td colspan="1" rowspan="1"><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://www.tipranks.com/stocks/mstr/forecast">TipRanks</a></p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>Short Interest</strong></p></td><td colspan="1" rowspan="1"><p>12% (Float)</p></td><td colspan="1" rowspan="1"><p>Hohe Spekulation auf Kursrückgang</p></td><td colspan="1" rowspan="1"><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://shortsqueeze.com/">S3 Partners</a></p></td></tr></tbody></table>

* * *

#### **2\. Finanzkennzahlen (Q1 2025)**

<table style="min-width: 100px"><colgroup><col style="min-width: 25px"><col style="min-width: 25px"><col style="min-width: 25px"><col style="min-width: 25px"></colgroup><tbody><tr><th colspan="1" rowspan="1"><p><strong>Metrik</strong></p></th><th colspan="1" rowspan="1"><p><strong>Wert</strong></p></th><th colspan="1" rowspan="1"><p><strong>Beschreibung</strong></p></th><th colspan="1" rowspan="1"><p><strong>Quelle</strong></p></th></tr><tr><td colspan="1" rowspan="1"><p><strong>Umsatz</strong></p></td><td colspan="1" rowspan="1"><p>$111,1 Mio.</p></td><td colspan="1" rowspan="1"><p>-3,6% YoY; Rückgang im Support-Geschäft, aber +61,6% Wachstum bei AI-Abos</p></td><td colspan="1" rowspan="1"><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://www.microstrategy.com/content/dam/website-assets/collateral/press-releases/2025/q1-2025-earnings-release.pdf">Q1-2025-Pressemitteilung</a></p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>Bruttomarge</strong></p></td><td colspan="1" rowspan="1"><p>69,4%</p></td><td colspan="1" rowspan="1"><p>Geringfügiger Rückgang von 74% (Q1 2024)</p></td><td colspan="1" rowspan="1"><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://www.sec.gov/Archives/edgar/data/1050446/000095017025001143/mstr-20250331.htm">SEC Filing</a></p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>Nettoverlust</strong></p></td><td colspan="1" rowspan="1"><p>-$4,217 Mrd.</p></td><td colspan="1" rowspan="1"><p>Davon $5,9 Mrd. unrealisierter Bitcoin-Verlust (nicht cash-wirksam)</p></td><td colspan="1" rowspan="1"><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://www.bloomberg.com/profile/company/MSTR:US">Bloomberg</a></p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>EBITDA</strong></p></td><td colspan="1" rowspan="1"><p>-$3,9 Mrd.</p></td><td colspan="1" rowspan="1"><p>Bereinigt um Bitcoin-Bewertung: +$35 Mio.</p></td><td colspan="1" rowspan="1"><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://www.capitaliq.com">S&amp;P Capital IQ</a></p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>Free Cash Flow</strong></p></td><td colspan="1" rowspan="1"><p>-$18 Mio.</p></td><td colspan="1" rowspan="1"><p>Operative Liquiditätsbelastung durch Zinszahlungen</p></td><td colspan="1" rowspan="1"><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://www.marketscreener.com/quote/stock/MICROSTRATEGY-INCORPORATED-141660689/finances/">MarketScreener</a></p></td></tr></tbody></table>

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#### **3\. Bilanzdaten (März 2025)**

<table style="min-width: 100px"><colgroup><col style="min-width: 25px"><col style="min-width: 25px"><col style="min-width: 25px"><col style="min-width: 25px"></colgroup><tbody><tr><th colspan="1" rowspan="1"><p><strong>Position</strong></p></th><th colspan="1" rowspan="1"><p><strong>Wert</strong></p></th><th colspan="1" rowspan="1"><p><strong>Beschreibung</strong></p></th><th colspan="1" rowspan="1"><p><strong>Quelle</strong></p></th></tr><tr><td colspan="1" rowspan="1"><p><strong>Bitcoin-Bestand</strong></p></td><td colspan="1" rowspan="1"><p>214.400 BTC</p></td><td colspan="1" rowspan="1"><p>Marktwert: ~$15,7 Mrd. (bei $73.000/BTC)</p></td><td colspan="1" rowspan="1"><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://www.microstrategy.com/content/dam/website-assets/collateral/fact-sheets/microstrategy-bitcoin-holdings-fact-sheet.pdf">BTC Holdings Report</a></p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>Liquide Mittel</strong></p></td><td colspan="1" rowspan="1"><p>$38,1 Mio.</p></td><td colspan="1" rowspan="1"><p>Stark rückläufig (Q1 2024: $46,8 Mio.)</p></td><td colspan="1" rowspan="1"><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://stockanalysis.com/stocks/mstr/balance-sheet/">StockAnalysis</a></p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>Gesamtverschuldung</strong></p></td><td colspan="1" rowspan="1"><p>$7,26 Mrd.</p></td><td colspan="1" rowspan="1"><p>Inkl. $2,2 Mrd. wandelbarer Anleihen (fällig 2027–2032)</p></td><td colspan="1" rowspan="1"><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1050446/000095017025001143/mstr-20250331.htm">SEC 10-Q</a></p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>Eigenkapital</strong></p></td><td colspan="1" rowspan="1"><p>$18,23 Mrd.</p></td><td colspan="1" rowspan="1"><p>Theoretischer Buchwert: ~$74/Aktie (ohne Bitcoin-Bewertung: negativ)</p></td><td colspan="1" rowspan="1"><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://www.gurufocus.com/stock/mstr">GuruFocus</a></p></td></tr></tbody></table>

* * *

#### **4\. Analystenprognosen (2025–2027)**

<table style="min-width: 175px"><colgroup><col style="min-width: 25px"><col style="min-width: 25px"><col style="min-width: 25px"><col style="min-width: 25px"><col style="min-width: 25px"><col style="min-width: 25px"><col style="min-width: 25px"></colgroup><tbody><tr><th colspan="1" rowspan="1"><p><strong>Jahr</strong></p></th><th colspan="1" rowspan="1"><p><strong>Umsatz (Mio. USD)</strong></p></th><th colspan="1" rowspan="1"><p><strong>EBIT (Mio. USD)</strong></p></th><th colspan="1" rowspan="1"><p><strong>EPS</strong></p></th><th colspan="1" rowspan="1"><p><strong>Bitcoin-Kauf (Mio. USD)</strong></p></th><th colspan="1" rowspan="1"><p><strong>Beschreibung</strong></p></th><th colspan="1" rowspan="1"><p><strong>Quelle</strong></p></th></tr><tr><td colspan="1" rowspan="1"><p><strong>2025E</strong></p></td><td colspan="1" rowspan="1"><p>$463,8</p></td><td colspan="1" rowspan="1"><p>-$4,291</p></td><td colspan="1" rowspan="1"><p>-$15,49</p></td><td colspan="1" rowspan="1"><p>$1.800</p></td><td colspan="1" rowspan="1"><p>Konsens: „Hold“ (12 von 20 Analysten)</p></td><td colspan="1" rowspan="1"><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://www.tipranks.com/stocks/mstr/forecast">TipRanks</a></p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>2026E</strong></p></td><td colspan="1" rowspan="1"><p>$487,5</p></td><td colspan="1" rowspan="1"><p>$1,676</p></td><td colspan="1" rowspan="1"><p>$6,12</p></td><td colspan="1" rowspan="1"><p>–</p></td><td colspan="1" rowspan="1"><p>Erholung bei stabilen BTC-Kursen</p></td><td colspan="1" rowspan="1"><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://longforecast.com/mstr-stock">LongForecast</a></p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>2027E</strong></p></td><td colspan="1" rowspan="1"><p>$512,3</p></td><td colspan="1" rowspan="1"><p>$3,105</p></td><td colspan="1" rowspan="1"><p>$8,44</p></td><td colspan="1" rowspan="1"><p>–</p></td><td colspan="1" rowspan="1"><p>Profitabilität durch AI-Umsatz</p></td><td colspan="1" rowspan="1"><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://ark-invest.com/">ARK Invest Research</a></p></td></tr></tbody></table>

* * *

#### **5\. Strategische Entwicklungen & Risiken**

<table style="min-width: 100px"><colgroup><col style="min-width: 25px"><col style="min-width: 25px"><col style="min-width: 25px"><col style="min-width: 25px"></colgroup><tbody><tr><th colspan="1" rowspan="1"><p><strong>Thema</strong></p></th><th colspan="1" rowspan="1"><p><strong>Details</strong></p></th><th colspan="1" rowspan="1"><p><strong>Bewertung</strong></p></th><th colspan="1" rowspan="1"><p><strong>Quelle</strong></p></th></tr><tr><td colspan="1" rowspan="1"><p><strong>KI-Offensive</strong></p></td><td colspan="1" rowspan="1"><p>Auszeichnung als „AI Innovation Leader“ im Retail (NRF 2025)</p></td><td colspan="1" rowspan="1"><p>Positiv für langfristiges Wachstum</p></td><td colspan="1" rowspan="1"><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://www.investing.com/news/company-news/microstrategy-wins-top-honors-at-nrf-2025-for-ai-in-retail-93CH-3809509">Investing News</a></p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>Bitcoin-Strategie</strong></p></td><td colspan="1" rowspan="1"><p>Weiterer Kauf geplant (2025: +$1,8 Mrd.) – Abhängigkeit von BTC-Kursen</p></td><td colspan="1" rowspan="1"><p>Hohes Risiko</p></td><td colspan="1" rowspan="1"><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://cryptorank.io/news/microstrategy-expected-to-flip-to-profit-in-2025">CryptoRank</a></p></td></tr><tr><td colspan="1" rowspan="1"><p><strong>Rechtliche Risiken</strong></p></td><td colspan="1" rowspan="1"><p>Sammelklagen wegen Bilanzierung digitaler Vermögenswerte</p></td><td colspan="1" rowspan="1"><p>Kurzfristiger Negativfaktor</p></td><td colspan="1" rowspan="1"><p><a target="_blank" rel="noopener noreferrer nofollow" href="https://www.globenewswire.com/news-release/2025/05/27/3088620/0/en/MICROSTRATEGY-INCORPORATED-NASDAQ-MSTR-SHAREHOLDER-ALERT.html">GlobeNewswire</a></p></td></tr></tbody></table>

* * *

### **Zusammenfassung**

*   **Bitcoin als Treiber**: ~70% des Unternehmenswerts hängen von BTC ab. Kurszielerhöhungen bei BTC-Rally.
    
*   **Operative Schwächen**: Software-Umsätze stagnieren, aber AI-Sparte wächst.
    
*   **Schuldenlast**: Zinsaufwand steigt auf ~$96 Mio. bis 2026 – Refinanzierungsrisiko bei fallenden BTC-Kursen.
    
*   **Bewertung**: Aktuell überbewertet (KUV 98x), aber langfristige Chance als „Bitcoin-Proxy“.
    

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