Max Keiser, a well-known Bitcoin evangelist, has drawn a bold comparison between Strategy chairman Michael Saylor and Tesla CEO Elon Musk. In a new X post, Keiser argued that the premium placed on MSTR’s stock reflects investor belief in Saylor’s ability, rather than just the firm’s Bitcoin holdings.
Keiser’s comments come at a time when Strategy’s Bitcoin strategy continues to outpace competitors by a wide margin. The firm has built the largest Bitcoin treasury in corporate history, giving it a unique position among publicly traded companies.
Is MSTR Premium Tied to Saylor’s Leadership?
Keiser likened MSTR’s valuation to Tesla’s past stock performance, where investors bet heavily on Musk’s vision. In his post on X (formerly Twitter), Keiser noted that the MSTR mNAV highlights Saylor’s financial engineering prowess.
$MSTR mNAV premium reflects @saylor’s 𝙐𝙉𝙄𝙌𝙐𝙀 ability an a financial engineering genius.
Same as $TSLA trading at 200x earnings reflecting @elonmusk’s genius.
You’re buying the jockey, not the horse.
With all other Bitcoin Treasury Companies you’re buying the horse.
— Max Keiser (@maxkeiser) September 4, 2025
Furthermore, Keiser noted that investors are “buying the jockey, not the horse”, an analogy that backs his ideology of Saylor as a financial engineering genius, the same as Elon Musk at Tesla. Further giving context, Keiser believes that “with all other Bitcoin Treasury Companies [investors] are buying the horse.”
Strategy’s Bitcoin Holdings
Michael Saylor’s Strategy currently holds a total of 636,505 BTC, as per data by Bitcoin Treasuries Net. These tokens are now worth about $70.6 billion at current market price. With an average purchase cost of $73,765 per coin, the company has achieved a BTC Yield of 25.7% YTD 2025 as confirmed by Saylor on September 2.
However, Strategy’s market valuation extends beyond those holdings. MSTR has a diluted market capitalization of $105 billion, which is roughly equivalent to a market net asset value (mNAV) ratio of 1.48, and an enterprise value of 1.53. The mNAV is calculated by dividing the company’s enterprise value by its Bitcoin NAV and measures how the market values the company relative to its Bitcoin holdings.
In contrast, MARA Holdings, the second-largest public Bitcoin holder with 50,639 BTC, trades at a diluted mNAV ratio of just 1.04. This stark difference underscores Keiser’s point that Strategy is valued not only for its Bitcoin but also for investor trust in Saylor’s management.
Other crypto enthusiasts have also echoed Keiser’s view. One user, Sovereign Ado for instance, commented: “$MSTR is without doubt the best #bitcoin proxy to hold as #saylor saw the opportunity to hold the asset to scale using unique treasury options far earlier than anyone else.”
Saylor Redefines Bitcoin Treasuries and Debt Markets
Supporters argue that Saylor has transformed how corporations use Bitcoin in their balance sheets. By leveraging debt markets and financial instruments, Strategy has created efficient pathways for large-scale Bitcoin accumulation.
According to Sovereign Ado, Saylor’s approach may even shift how investors view debt markets. “No one will buy national debt anymore. They will buy #BTC debt through the $MSTR instruments instead,” he wrote.
$MSTR is without doubt the best #bitcoin proxy to hold as #saylor saw the opportunity to hold the asset to scale using unique treasury options far earlier than anyone else.
Further he saw the opportunity of $MSTR being the for easier access to bitcoin via on and off ramps…
— Sovereign Ado – Seeing beyond the curve (@beyond_thecurve) September 4, 2025
This positions Strategy as more than a corporate Bitcoin holder. It has become a blueprint for blending traditional finance with digital assets, offering investors an accessible on-ramp into Bitcoin exposure backed by innovative financial engineering.
Interesting comparison by Max Keiser! Michael Saylor’s ability to align corporate vision with financial innovation truly sets him apart, much like Musk in his early Tesla days. For those interested in workforce optimization tools, you might also find this PSH Workforce Management
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Really interesting comparison between Saylor and Musk. Both have shown how vision and bold decisions can reshape entire industries. While thinking about leadership that drives innovation, I recently came across some insights on Jason’s Deli Nutrition which reminded me how even food chains evolve by adapting to consumer needs. Just like Saylor’s strategy, it’s all about anticipating the future and delivering value.
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Interesting take from Max Keiser. It really does seem that MSTR is being valued not just on its Bitcoin holdings, but on the market’s confidence in Michael Saylor’s vision and financial Slope 2 engineering skills.