MicroStrategy valued at more than twice its bitcoin holdings, WSJ says

MicroStrategy (MSTR) bulls “hold a feverish allegiance to the company that transcends the attention everyday investors pay to humdrum investments in their portfolios,” Gunjan Banerji, Rachel Louise Ensign and Jasmine Li of Wall Street Journal report. Critics say MicroStrategy’s share run-up is emblematic of a market mania that is bound to end poorly, the Journal adds. The paper notes that CEO Michael Saylor has morphed the unprofitable MicroStrategy “into a bitcoin-buying machine.” The share rally has pushed the company’s market value to $89B, more than twice the value of the bitcoin it holds, according to the Journal.