Jason Calacanis Urges Investors to Buy Bitcoin Directly, Not MicroStrategy Stock

Prominent tech investor Jason Calacanis, best known as an early backer of Uber, has once again warned investors against buying MicroStrategy (MSTR) stock as a proxy for Bitcoin exposure. Instead, he recommends that investors seeking to benefit from Bitcoin’s growth should purchase the cryptocurrency directly.

Calacanis has become one of the most outspoken critics of MicroStrategy and its co-founder Michael Saylor, asserting there is a 75% chance his bearish outlook on the company will prove accurate. His comments come amid heightened scrutiny of the software firm, which has transformed into the largest corporate holder of Bitcoin, with a treasury of 639,835 BTC.

Despite this massive accumulation, MicroStrategy shares have fallen sharply, dropping 35% from a local high of $457. Critics such as famed short seller James Chanos have long argued that MSTR trades at an unjustified premium compared to its net asset value (NAV). Calacanis and other skeptics point to the disconnect between the company’s share price and the actual value of its Bitcoin holdings.

Adding to concerns, MicroStrategy recently rolled out a new equity issuance policy, which many analysts believe could dilute shareholders and reduce the firm’s ability to buy additional Bitcoin in the future. The company also suffered a setback earlier this month when it was excluded from the S&P 500 index, a decision JPMorgan analysts warned could negatively impact MicroStrategy and other Bitcoin-focused firms.

While Saylor continues to promote his “Bitcoin maximalist” vision, advising long-term holding above all else, Calacanis insists that the safest and most effective way for investors to gain exposure is to hold Bitcoin itself, without relying on MicroStrategy’s leveraged corporate strategy.

As Bitcoin adoption grows and institutional interest increases, the debate between direct cryptocurrency ownership and corporate exposure through companies like MicroStrategy is likely to intensify. For now, Calacanis remains firm: avoid the stock, buy Bitcoin.