Financial analyst Tom Lee predicted Tuesday that Michael Saylor-led Strategy Inc. (NASDAQ:MSTR) could become the largest company in the stock market, especially if Bitcoin (CRYPTO: BTC) hits $1 million.
MSTR stock tumbled in Tuesday’s session. Track it now here.
Strategy: The New Exxon Mobil?
During an interaction with podcaster Natalie Brunell, Lee said that Saylor is “changing the reality” of the stock market, steering a firm whose valuation is largely derived from its balance sheet, stacked up with Bitcoin, rather than net income.
“But that’s not new to history,” The Fundstrat co-founder said. He remembered how Exxon Mobil Corp. (NYSE:XOM), which he said was valued solely on the value of oil, remained one of the top stocks in the market for nearly 30 years.
“For a whole generation people said Exxon was the biggest company but you don’t value on earnings,” Lee said. …