MicroStrategy's stock price fell 41% this year, which is quite bleak. In the same period, Riot rose 24.5%, CleanSpark rose 5.7%, and Coinbase only fell 3.1%, making MSTR clearly underperform.

What's the problem? The valuation is outrageous. The P/S ratio reaches 99.25 times, while the industry average is only 2.92 times. This price is really too expensive.

But don't be too quick to give up. The company holds over 6.4 million bitcoins, worth $71 billion, making it the largest corporate BTC reserve in the world. This year, it has already earned $12.9 billion in bitcoin revenue. Coupled with steady growth in its software business (Q3 subscription services surged by 65%) and strong fundraising capabilities (Q3 raised $5.1 billion), the company continues to accumulate BTC.

The expected EPS target for 2025 is $80 (last year it was a loss of $6.72), indicating a strong reversal signal.

Conclusion: In the short term, it is very difficult, with high valuations and significant BTC volatility risk. However, the long-term logic is solid — massive BTC, software growth, and financing capability. The current situation is one of waiting, neither rushing in nor rushing out.