# Stylus Digital

Stylus Digital publishes systematic crypto research from Stylus Capital.

## Site pages

- [Home](https://stylus.digital/): Firm, team, approach, thesis, investors, and media.
- [Insights](https://stylus.digital/insights/): Public investment research.
- [Subscribe](https://stylus.digital/subscribe/): Research and distribution subscription form.
- [Disclaimers](https://stylus.digital/disclaimers/): Legal and investment disclaimers.
- [Privacy](https://stylus.digital/privacy/): Information about website and subscription data practices.

- [MSTR monitor](https://stylus.digital/a-strategy-for-microstrategy/monitor/): Dated MSTR valuation snapshot and relative-value strategy history; not a real-time mNAV feed.
- [What is mNAV?](https://stylus.digital/what-is-mnav/): Definitions and limitations of MSTR premium measures.

## Reference notes

- [mNAV: definitions and limitations](https://stylus.digital/what-is-mnav/): MSTR valuation definitions, bitcoin premium examples, and limitations. Links to the dated relative-value monitor and original research.

## Research

- [Is Bitcoin the Ultimate Momentum Asset?](https://stylus.digital/is-bitcoin-the-ultimate-momentum-asset.md) — Eight years ago, our co-founder Burak Yenigun called Bitcoin the ultimate momentum asset: the only liquid asset with no fundamentals to anchor its price. In this research note, Burak and Robert Carver revisit that claim. Does the evidence support it? (Burak Yenigun, Robert Carver)
- [A Strategy for (Micro)Strategy](https://stylus.digital/a-strategy-for-microstrategy.md) — MicroStrategy trades at a premium to its bitcoin holdings, but buying bitcoin and shorting MSTR is not a free lunch. In this first research note, Robert Carver explores an alternative strategy, and walks through the real-world examples and frictions. (Robert Carver)

## Companion guides

- [MSTR versus bitcoin: the capital structure matters](https://stylus.digital/mstr-vs-bitcoin-capital-structure.md) — How senior claims, dilution and hedge costs change an MSTR-versus-bitcoin comparison, with a hypothetical balance sheet and reproducible calculations. (Burak Yenigun)