MicroStrategy's (MSTR) net Bitcoin holdings, after accounting for debt and cash, are $3.4 billion above its current $45 billion market cap, suggesting the market is pricing in significant risk. However, concerns exist regarding Michael Saylor's ability to exit his large Bitcoin position without crashing the price due to illiquidity, and the need for perpetual share sales to cover debt interest payments. Investors should consider the potential for a market mispricing against the inherent risks of MSTR's highly leveraged Bitcoin strategy.