{"id":35443,"date":"2026-07-17T22:15:10","date_gmt":"2026-07-17T13:15:10","guid":{"rendered":"https:\/\/99bitcoins.com\/kr\/?p=35443"},"modified":"2026-07-17T22:15:10","modified_gmt":"2026-07-17T13:15:10","slug":"strategy-mstr-bitcoin-dcf-valuation-analysis","status":"publish","type":"post","link":"https:\/\/99bitcoins.com\/kr\/news\/strategy-mstr-bitcoin-dcf-valuation-analysis\/","title":{"rendered":"\uc2a4\ud2b8\ub808\ud2f0\uc9c0(MSTR), \ubc30\ub2f9\uae08 \uc9c0\uae09\ud558\ub824 2\uc5b5 1,600\ub9cc \ub2ec\ub7ec\uc5b4\uce58 \ube44\ud2b8\ucf54\uc778 \ub9e4\uac01\u2026 \u2018\uc808\ub300 \ud314\uc9c0 \uc54a\ub294\ub2e4\u2019 \ubaa8\ub378\uc758 \uacf5\uc2dd \uc885\ub9d0\uc778\uac00"},"content":{"rendered":"<p>\uac00\uc0c1\uc790\uc0b0 \uc2dc\uc7a5\uc5d0\uc11c \ube44\ud2b8\ucf54\uc778 \u2018\ubd88\uc0ac\uc870 \ub9e4\uc9d1\u2019\uc758 \uc0c1\uc9d5\uc774\uc790 \ucd5c\ub300 \uae30\uc5c5 \uace0\ub798\uc778 \uc2a4\ud2b8\ub808\ud2f0\uc9c0(Strategy, MSTR)\uac00 \uae30\uc5c5 \uc815\uccb4\uc131\uc744 \ud754\ub4dc\ub294 \uc804\ub840 \uc5c6\ub294 \uacb0\ub2e8\uc744 \ub0b4\ub838\ub2e4.<\/p>\n<p>MSTR \uc8fc\uac00\uac00 \ud604\uae08\ud750\ub984\ud560\uc778(DCF) \ubaa8\ub378\uc774 \uc81c\uc2dc\ud558\ub294 \uc801\uc815 \uac00\uce58\ubcf4\ub2e4 \ubb34\ub824 43%\ub098 \ub0ae\uc740 \uac00\uaca9\uc5d0 \uac70\ub798\ub418\uace0 \uc788\ub294 \uc640\uc911\uc5d0, \ud68c\uc0ac \uce21\uc774 \uc6b0\uc120\uc8fc \ubc30\ub2f9\uae08\uc744 \uc9c0\uae09\ud558\uae30 \uc704\ud574 2\uc5b5 1,600\ub9cc \ub2ec\ub7ec \uc0c1\ub2f9\uc758 \ube44\ud2b8\ucf54\uc778\uc744 \uc804\uaca9 \ub9e4\uac01\ud588\uae30 \ub54c\ubb38\uc774\ub2e4. \u2018\uc5ed\ub300\uae09 \uc800\ud3c9\uac00\u2019\ub77c\ub294 \uc9c0\ud45c\uc640 \u2018\ube44\ud2b8\ucf54\uc778 \ucc98\ubd84\u2019\uc774\ub77c\ub294 \uc0c1\ucda9\ub418\ub294 \ub450 \uac00\uc9c0 \ud329\ud2b8\uac00 \uc815\uba74\uc73c\ub85c \ucda9\ub3cc\ud558\uba74\uc11c, \uc2dc\uc7a5\uc5d0\uc11c\ub294 \uc9c0\uae08\uc758 MSTR \uc8fc\uac00\uac00 \uc8fc\uc6b0\ub7ec \uac00\uc57c \ud560 \uc9c4\ud759 \uc18d \uc9c4\uc8fc\uc778\uc9c0, \uc544\ub2c8\uba74 \ub9e4\ub825\uc801\uc778 \uc22b\uc790\ub85c \ud3ec\uc7a5\ub41c \uc704\ud5d8\ud55c \ubc38\ub958 \ud2b8\ub7a9\uc778\uc9c0\ub97c \ub450\uace0 \uce58\uc5f4\ud55c \uacf5\ubc29\uc774 \ubc8c\uc5b4\uc9c0\uace0 \uc788\ub2e4.<\/p>\n<p>\uc774\ubc88 \ubd84\uc11d\uc758 \ud575\uc2ec \uc7c1\uc810\uc740 \ubd84\uba85\ud558\ub2e4. MSTR \uc8fc\uac00\uc5d0 \ubc18\uc601\ub41c \uba85\ubc31\ud55c \ud560\uc778\uc728\uc774 \ub2e8\uc21c\ud788 \ube44\ud2b8\ucf54\uc778 \ubcf4\uc720 \uac00\uce58\uc5d0 \ub300\ud55c \uc77c\uc2dc\uc801 \uc624\ub3c5\uc744 \uc758\ubbf8\ud558\ub294 \uac83\uc778\uc9c0, \uc544\ub2c8\uba74 \ubcf4\ud1b5\uc8fc \uc8fc\uc8fc\ub4e4\uc774 \uc0c8\ub86d\uac8c \ub5a0\uc548\uac8c \ub41c \u2018\uc790\ubcf8 \ubc30\ubd84 \ub9ac\uc2a4\ud06c\u2019\uc5d0 \ub300\ud55c \uc2dc\uc7a5\uc758 \ub0c9\ud639\ud55c \ub300\uac00\uc778\uc9c0 \ub72f\uc5b4\ubcfc \ud544\uc694\uac00 \uc788\ub2e4.<\/p>\n<div class=\"chart crypto-chart-instance\" id=\"crypto_chart_6a5a3476a7667\"\n\tdata-coin-id=\"btc\">\n\t<div class=\"chart__header\">\n\t\t<div class=\"chart__info\">\n\t\t\t<div class=\"chart__info-icon\">\n\t\t\t\t<img id=\"crypto_chart_6a5a3476a7667-chart__info-icon-img\" \/>\n\t\t\t\t<div class=\"chart__info-name\" id=\"crypto_chart_6a5a3476a7667-chart__info-name\"><\/div>\n\t\t\t\t<div class=\"chart__info-symbol\" id=\"crypto_chart_6a5a3476a7667-chart__info-symbol\"><\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"chart__info-current\">\n\t\t\t\t<div class=\"chart__info-price\" id=\"crypto_chart_6a5a3476a7667-chart__info-price\"><\/div>\n\t\t\t\t<div class=\"chart__info-change\" id=\"crypto_chart_6a5a3476a7667-chart__info-change\"><\/div>\n\t\t\t<\/div>\n\n\t\t\t<div class=\"chart__info-extra\">\n\t\t\t\t<div class=\"chart__info-label\">Market Cap<\/div>\n\t\t\t\t<div class=\"chart__info-marketcap\" id=\"crypto_chart_6a5a3476a7667-chart__info-marketcap\"><\/div>\n\t\t\t<\/div>\n\t\t<\/div>\n\n\t\t<div class=\"chart__controls\">\n\t\t\t<div class=\"chart__controls-group\">\n\t\t\t\t<button class=\"chart__button chart__button--24h\"\n\t\t\t\t\tid=\"crypto_chart_6a5a3476a7667-btn-24h\">24h<\/button>\n\t\t\t\t<button class=\"chart__button chart__button--7d\"\n\t\t\t\t\tid=\"crypto_chart_6a5a3476a7667-btn-7d\">7d<\/button>\n\t\t\t\t<button class=\"chart__button chart__button--30d\"\n\t\t\t\t\tid=\"crypto_chart_6a5a3476a7667-btn-30d\">30d<\/button>\n\t\t\t\t<button class=\"chart__button chart__button--1y\"\n\t\t\t\t\tid=\"crypto_chart_6a5a3476a7667-btn-1y\">1y<\/button>\n\t\t\t\t<button class=\"chart__button chart__button--all-time\"\n\t\t\t\t\tid=\"crypto_chart_6a5a3476a7667-btn-all-time\">All Time<\/button>\n\t\t\t<\/div>\n\n\t\t<\/div>\n\t<\/div>\n\n\t<div class=\"chart__container\">\n\t\t<canvas class=\"chart__canvas\" id=\"crypto_chart_6a5a3476a7667-cryptoChart\"><\/canvas>\n\t<\/div>\n<\/div>\n\n<h2>DCF \ubaa8\ub378\uc774 \ub9d0\ud558\ub294 \ud329\ud2b8: &#8220;\uc774\ub860\uc0c1 43% \uc800\ud3c9\uac00&#8221;<\/h2>\n<p>\ud604\uae08\ud750\ub984\ud560\uc778(DCF) \ubaa8\ub378\uc740 \uae30\uc5c5\uc774 \ud5a5\ud6c4 \ucc3d\ucd9c\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ub418\ub294 \ubbf8\ub798 \ud604\uae08\ud750\ub984\uc744 \ucd94\uc815\ud55c \ub4a4, \uc2dc\uac04 \uac00\uce58\uc640 \uc704\ud5d8 \uc694\uc18c\ub97c \ubc18\uc601\ud55c \ud560\uc778\uc728\uc744 \uc801\uc6a9\ud574 \ud604\uc7ac \uac00\uce58\ub85c \ud658\uc0b0\ud558\ub294 \ubc29\uc2dd\uc774\ub2e4. \uc27d\uac8c \ub9d0\ud574 &#8216;\ub0b4\uc77c\uc758 1\ub2ec\ub7ec\ub294 \uc624\ub298\uc758 1\ub2ec\ub7ec\ubcf4\ub2e4 \uac00\uce58\uac00 \ub0ae\ub2e4&#8217;\ub294 \uc804\uc81c\ud558\uc5d0, \uc774 \uae30\uc5c5\uc774 \uc55e\uc73c\ub85c \ubc8c\uc5b4\ub4e4\uc77c \ub3c8\uc758 \ucd1d\ud569\uc774 \uc624\ub298\ub0a0 \uc5bc\ub9c8\uc9dc\ub9ac\uc778\uc9c0\ub97c \ubb3b\ub294 \uc9c0\ud45c\ub2e4.<\/p>\n<p>\uae08\uc735 \ubd84\uc11d \ud50c\ub7ab\ud3fc \uc2ec\ud50c\ub9ac \uc6d4\uc2a4\ud2b8\ub9ac\ud2b8(Simply Wall St)\uc758 \ubd84\uc11d\uac00 \ubca0\uc77c\ub9ac \ud3a8\ubc84\ud134(Bailey Pemberton)\uc774 \uc774 \ubaa8\ub378\uc744 MSTR\uc5d0 \ub300\uc785\ud55c \uacb0\uacfc, MSTR\uc758 \uc8fc\ub2f9 \ub0b4\uc7ac \uac00\uce58\ub294 \uc57d 165\ub2ec\ub7ec\ub85c \ub3c4\ucd9c\ub410\ub2e4. \uc774\ub294 \ud604\uc7ac \uc2dc\uc7a5\uc5d0\uc11c \uac70\ub798\ub418\ub294 \uc8fc\uac00\ubcf4\ub2e4 \ubb34\ub824 43.1%\ub098 \ub192\uc740 \uc218\uc900\uc774\ub2e4.<\/p>\n<p>\ubb3c\ub860 \uc774 \ubaa8\ub378\uc740 \uc9c0\ub09c 12\uac1c\uc6d4\uac04 \uc57d 7,200\ub9cc \ub2ec\ub7ec\uc758 \uc789\uc5ec\ud604\uae08\ud750\ub984(FCF) \uc801\uc790(\uc720\ucd9c)\ub97c \uae30\ub85d\ud55c \ub9c8\uc774\ub108\uc2a4 \ubca0\uc774\uc2a4\uc5d0\uc11c \ucd9c\ubc1c\ud558\uc5ec, \ud5a5\ud6c4 \uc644\uc5f0\ud55c \ud134\uc5b4\ub77c\uc6b4\ub4dc\uc640 \uc131\uc7a5 \uada4\ub3c4\uc5d0 \uc9c4\uc785\ud560 \uac83\uc774\ub77c\ub294 \ub099\uad00\uc801 \uac00\uc815\uc744 \uc804\uc81c\ub85c \uc124\uc815\ub418\uc5b4 \uc788\ub2e4.<\/p>\n<figure id=\"attachment_358181\" aria-describedby=\"caption-attachment-358181\" style=\"width: 1024px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"wp-image-358181 size-large\" src=\"https:\/\/99bitcoins.com\/wp-content\/uploads\/2026\/07\/photo_2026-07-17_12-20-54-1024x505.jpg\" alt=\"\uc2a4\ud2b8\ub808\ud2f0\uc9c0 \uc8fc\uac00 \uc815\ubcf4\" width=\"1024\" height=\"505\" \/><figcaption id=\"caption-attachment-358181\" class=\"wp-caption-text\">\ucd9c\ucc98: \uc2a4\ud2b8\ub808\ud2f0\uc9c0<\/figcaption><\/figure>\n<p>\uc2ec\ud50c\ub9ac \uc6d4\uc2a4\ud2b8\ub9ac\ud2b8\ub294 MSTR\uc758 \ubc38\ub958\uc5d0\uc774\uc158 \uc810\uc218\ub97c 6\uc810 \ub9cc\uc810\uc5d0 4\uc810\uc73c\ub85c \ucc45\uc815\ud588\ub2e4. \ubb34\uc870\uac74\uc801\uc778 \ub9e4\uc218 \uc2e0\ud638\ub77c\uae30\ubcf4\ub2e4\ub294 \uba85\uc554\uc774 \uad50\ucc28\ud558\ub294 \uc218\uce58\ub2e4. DCF \uc0c1\ubc29 \uc7a0\uc7ac\ub825\uacfc 0.9\ubc30\uc5d0 \ubd88\uacfc\ud55c \uc8fc\uac00\uc21c\uc790\uc0b0\ube44\uc728(P\/B)\uc740 \uba85\ubc31\ud55c \uc800\ud3c9\uac00\ub97c \uac00\ub9ac\ud0a4\uace0 \uc788\uc9c0\ub9cc, \ube44\ud2b8\ucf54\uc778\uc5d0 \uadf9\ub2e8\uc801\uc73c\ub85c \ud3b8\uc911\ub41c \ud3ec\ud2b8\ud3f4\ub9ac\uc624\uc640 \uc0c8\ub86d\uac8c \ubcc0\ud654\ub41c \uc7ac\ubb34 \uba54\ucee4\ub2c8\uc998\uc774 \ubc18\ub300 \ubc29\ud5a5\uc5d0\uc11c \uc8fc\uac00\ub97c \ubb34\uac81\uac8c \ub204\ub974\uace0 \uc788\uae30 \ub54c\ubb38\uc774\ub2e4.<\/p>\n<p>\ud2b9\ud788 P\/B \uad00\uc810\uc5d0\uc11c \ubcfc \ub54c, MSTR\uc758 0.9\ubc30\ub294 \uc18c\ud504\ud2b8\uc6e8\uc5b4 \uc0b0\uc5c5 \ud3c9\uade0(\uc57d 2.8\ubc30) \ubc0f \ub3d9\uc77c \uc5c5\uacc4 \ud53c\uc5b4 \uadf8\ub8f9(\uc57d 7.3\ubc30)\uacfc \ube44\uad50\ud558\uba74 \ucc98\ucc38\ud55c \uc218\uc900\uc774\ub2e4. \uc2dc\uc7a5\uc774 MSTR\uc758 \uc9c0\ubd84 \uac00\uce58\ub97c \uc7a5\ubd80\uc0c1 \uc21c\uc790\uc0b0 \uac00\uce58\ubcf4\ub2e4\ub3c4 \ub0ae\uac8c \ud3c9\uac00\ud558\uace0 \uc788\ub2e4\ub294 \ub73b\uc778\ub370, \uc774\ub294 \ud1b5\uc0c1\uc801\uc73c\ub85c \uc7ac\ubb34\uc81c\ud45c \ubd80\uc2e4 \uc704\ud5d8\uc774 \uadf9\uc5d0 \ub2ec\ud588\uac70\ub098 \ud68c\uc0ac\uac00 \uac00\uc9c4 \uc790\uc0b0\uc758 \uc9c8\uc5d0 \ub300\ud574 \uc2dc\uc7a5\uc774 \uae4a\uc740 \uc758\uad6c\uc2ec\uc744 \ud488\uace0 \uc788\uc744 \ub54c \ub098\ud0c0\ub098\ub294 \uc774\ub840\uc801\uc778 \ud604\uc0c1\uc774\ub2e4.<\/p>\n<p><span data-sheets-root=\"1\"><div class=\"su-note\"  style=\"border-color:#d5dbe0;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"><div class=\"su-note-inner su-u-clearfix su-u-trim\" style=\"background-color:#EFF5FA;border-color:#ffffff;color:#333333;border-radius:3px;-moz-border-radius:3px;-webkit-border-radius:3px;\"> \ud568\uaed8 \ubcf4\uae30: <a class=\"in-cell-link\" href=\"https:\/\/99bitcoins.com\/kr\/cryptocurrency\/new-upbit-listings\/\" target=\"_blank\" rel=\"noopener\">2026\ub144 \uc5c5\ube44\ud2b8 \uc0c1\uc7a5 \uc608\uc815 \ucf54\uc778 | \uc5c5\ube44\ud2b8 \ucf54\uc778 \ucd94\ucc9c TOP 4<\/a> <\/div><\/div><\/span><\/p>\n<h2>\u2018\ube44\ud2b8\ucf54\uc778 \ud604\uae08\ud654 \ud504\ub85c\uadf8\ub7a8\u2019 \ub3c4\uc785, \ud574\ubb35\uc740 \ub0b4\ub7ec\ud2f0\ube0c\uc758 \uc885\ub9d0<\/h2>\n<p>\uadf8\ub3d9\uc548 MSTR\uc740 \uc8fc\uc2dd \uc720\uc0c1\uc99d\uc790\ub098 \ucc44\uad8c \ubc1c\ud589\uc744 \ud1b5\ud574 \uc870\ub2ec\ud55c \uc790\uae08\uc73c\ub85c \ube44\ud2b8\ucf54\uc778\uc744 \uc0ac \ubaa8\uc73c\ub418, \ud55c \ubc88 \uae08\uace0\uc5d0 \ub123\uc740 \ube44\ud2b8\ucf54\uc778\uc740 \uc808\ub300 \uac74\ub4dc\ub9ac\uc9c0 \uc54a\ub294 \u2018\uc21c\uc218 \ube44\ud2b8\ucf54\uc778 \ucd95\uc801 \ucc28\ub7c9\u2019\uc73c\ub85c\uc11c\uc758 \uc815\uccb4\uc131\uc744 \uacf5\uace0\ud788 \ud574\uc654\ub2e4. \uadf8\ub7ec\ub098 \uc774\ubc88\uc5d0 \uac00\ub3d9\ub41c \u2018BTC \ud604\uae08\ud654 \ud504\ub85c\uadf8\ub7a8(BTC Monetization Program)\u2019\uc740 \uc774 \uc624\ub79c \uc2e0\ud654\ub97c \uc815\uba74\uc73c\ub85c \uae68\ubd80\uc248\ub2e4.<\/p>\n<p>MSTR\uc740 \uc774 \uc0c8\ub85c\uc6b4 \ud504\ub85c\uadf8\ub7a8\uc758 \uccab \uc2e4\ud589\uc73c\ub85c STRC, STRK, STRD, STRF \ub4f1 4\uac1c \ud074\ub798\uc2a4\uc758 \uc6b0\uc120\uc8fc \ubc30\ub2f9\uae08\uc744 \uc9c0\uae09\ud558\uae30 \uc704\ud574 2\uc5b5 1,600\ub9cc \ub2ec\ub7ec \uaddc\ubaa8\uc758 \ube44\ud2b8\ucf54\uc778 \ub9e4\uac01\uc744 \ub2e8\ud589\ud588\ub2e4.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">STRATEGY SOLD $216m BITCOIN TO PAY DIVIDEND<a href=\"https:\/\/x.com\/search?q=%24MSTR&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">$MSTR<\/a> NOW HOLDS $2.55B CASH <a href=\"https:\/\/t.co\/tFltQKn0aw\" rel=\"nofollow\" target=\"_blank\">https:\/\/t.co\/tFltQKn0aw<\/a><\/p>\n<p>&mdash; Bitcoin Archive (@BitcoinArchive) <a href=\"https:\/\/x.com\/BitcoinArchive\/status\/2074108217873883642?ref_src=twsrc%5Etfw\" rel=\"nofollow\" target=\"_blank\">July 6, 2026<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>\uc774\ub294 \ub2e8\uc21c\ud55c \uc77c\uc2dc\uc801 \uc7ac\ubb34 \ubbf8\uc138\uc870\uc815\uc774 \uc544\ub2c8\ub2e4. \uac00\uaca9 \uc0c1\uc2b9 \uc2dc\ub098\ub9ac\uc624\uc758 \ud575\uc2ec \ubf08\ub300\uc774\uc790 \ubc38\ub958\uc5d0\uc774\uc158\uc758 \uadfc\uac70\uc600\ub358 \ube44\ud2b8\ucf54\uc778 \uacf3\uac04\uc774, \uc774\uc81c\ub294 \uc7a5\uae30 \ubcf4\uc720 \ubaa9\uc801\uc774 \uc544\ub2c8\ub77c \uae30\uc5c5\uc758 \uace0\uc815\uc801 \uc7ac\ubb34 \uc758\ubb34\ub97c \uc774\ud589\ud558\uae30 \uc704\ud55c \u2018\ud604\uae08 \uc778\ucd9c\uae30\u2019\ub85c \uc804\ub77d\ud588\uc74c\uc744 \uc758\ubbf8\ud55c\ub2e4.<\/p>\n<p>\ubcf4\ud1b5\uc8fc \uc8fc\uc8fc\ub4e4\uc5d0\uac8c\ub294 \uce58\uba85\uc801\uc778 \ubcc0\uc218\ub2e4. \ud68c\uc0ac\uac00 \ubc30\ub2f9 \uc758\ubb34\ub97c \ucda9\ub2f9\ud558\uae30 \uc704\ud574 \ube44\ud2b8\ucf54\uc778\uc744 \uc8fc\uae30\uc801\uc73c\ub85c \ud314\uc544\uce58\uc6b0\uae30 \uc2dc\uc791\ud558\uba74, \uacbd\uc601\uc9c4\uc758 \uc790\ubcf8 \ubc30\ubd84 \uc120\ud0dd\uacfc \ube44\ud2b8\ucf54\uc778 \uc790\uccb4\uc758 \uac00\uaca9 \ubcc0\ub3d9\uc131\uc774 \ubcf4\ud1b5\uc8fc \uc8fc\uc2dd \uac00\uce58\ub97c \uc9c1\uc811\uc801\uc73c\ub85c \uac09\uc544\uba39\uc744 \uc218 \uc788\ub2e4\ub294 \uacf5\ud3ec\uac00 \ud655\uc0b0\ub420 \uc218\ubc16\uc5d0 \uc5c6\ub2e4.<\/p>\n<p>DCF \ubaa8\ub378\uc774 \ubbf8\ub798 \ud604\uae08\ud750\ub984\uc758 \ud68c\ubcf5\uc744 \uc810\uce58\uace0 \uc788\ub354\ub77c\ub3c4, \uadf8 \ud68c\ubcf5 \uc18d\ub3c4\uac00 \uc6b0\uc120\uc8fc \ubc30\ub2f9 \uc720\ucd9c\ub85c \uc778\ud55c \ube44\ud2b8\ucf54\uc778 \uae08\uace0\uc758 \uc720\ucd9c \uc18d\ub3c4\ubcf4\ub2e4 \ube68\ub77c\uc57c\ub9cc \uc800\ud3c9\uac00 \ud574\uc18c\uac00 \uac00\ub2a5\ud558\ub2e4\ub294 \uacc4\uc0b0\uc774 \ub098\uc628\ub2e4. \uc544\uc6b8\ub7ec \uc774\ubc88 \ud504\ub85c\uadf8\ub7a8\uc5d0\ub294 \uacbd\uc601\uc9c4\uc774 \uacfc\uac70\ubcf4\ub2e4 \uc790\ubcf8 \ubc30\ubd84 \uc804\ubc18\uc5d0 \ub300\ud574 \ud6e8\uc52c \uad11\ubc94\uc704\ud55c \uc7ac\ub7c9\uad8c\uc744 \ud589\uc0ac\ud560 \uc218 \uc788\ub294 \ub3c5\uc18c \uc870\ud56d\uc131 \uad8c\ud55c\ub3c4 \ud3ec\ud568\ub41c \uac83\uc73c\ub85c \uc54c\ub824\uc838 \uc8fc\uc8fc\ub4e4\uc758 \uc8fc\uc758\uac00 \uc694\uad6c\ub41c\ub2e4.<\/p>\n<a href=\"https:\/\/99bitcoins.com\/kr\/cryptocurrency\/new-cryptocurrency\" class=\"sc-button sc-button-green sc-button-medium\" target=\"_blank\"  rel=\"nofollow\"><span>2026\ub144 \uc2e0\uaddc \uc0c1\uc7a5 \uc608\uc815 \ucf54\uc778<\/span><\/a>\n<p><span data-sheets-root=\"1\">\ub354 \ub9ce\uc740 \uc554\ud638\ud654\ud3d0 \ub274\uc2a4\uc640 \ubd84\uc11d\uc744 \uc6d0\ud55c\ub2e4\uba74 99Bitcoins\ub97c <a class=\"in-cell-link\" href=\"https:\/\/twitter.com\/99bitcoins\" target=\"_blank\" rel=\"noopener nofollow\">X<\/a>, <a class=\"in-cell-link\" href=\"https:\/\/www.youtube.com\/99bitcoins\" target=\"_blank\" rel=\"noopener nofollow\">\uc720\ud29c\ube0c<\/a>, <a class=\"in-cell-link\" href=\"https:\/\/t.me\/s\/bitcoinnews99\" target=\"_blank\" rel=\"noopener nofollow\">\ud154\ub808\uadf8\ub7a8<\/a>\uc5d0\uc11c \ud655\uc778\ud574\ubcf4\uc790.<\/span><\/p>\n<div>\n<div>\n<div>\n<div>\n<div>\n<div>\u00a0<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\ub9c8\uc774\ud06c\ub85c\uc2a4\ud2b8\ub798\ud2f0\uc9c0(MSTR) \uc8fc\uac00\uac00 DCF \ubaa8\ub378 \ub300\ube44 43% \uc800\ud3c9\uac00\ub418\uc5c8\ub2e4\ub294 \ubd84\uc11d\uc774 \ub098\uc654\ub2e4. \ud558\uc9c0\ub9cc \ucd5c\uadfc 2\uc5b5 1,600\ub9cc \ub2ec\ub7ec \uaddc\ubaa8\uc758 \ube44\ud2b8\ucf54\uc778 \ub9e4\uac01\uc774 \ubcc0\uc218\ub85c \ub5a0\uc62c\ub790\ub2e4.<\/p>\n","protected":false},"author":135881,"featured_media":35441,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[7,13],"tags":[],"coin":[23],"class_list":["post-35443","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-bitcoin"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.0 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>\uc2a4\ud2b8\ub808\ud2f0\uc9c0(MSTR), \ubc30\ub2f9\uae08 \uc9c0\uae09\ud558\ub824 2\uc5b5 1,600\ub9cc \ub2ec\ub7ec\uc5b4\uce58 \ube44\ud2b8\ucf54\uc778 \ub9e4\uac01\u2026 \u2018\uc808\ub300 \ud314\uc9c0 \uc54a\ub294\ub2e4\u2019 \ubaa8\ub378\uc758 \uacf5\uc2dd \uc885\ub9d0\uc778\uac00 - 99bitcoins KR<\/title>\n<meta name=\"description\" content=\"\ucd5c\ub300 \ube44\ud2b8\ucf54\uc778 \ubcf4\uc720 \uae30\uc5c5 \uc2a4\ud2b8\ub808\ud2f0\uc9c0(MSTR)\uac00 \uc6b0\uc120\uc8fc \ubc30\ub2f9\uae08 \uc9c0\uae09\uc744 \uc704\ud574 2\uc5b5 1,600\ub9cc \ub2ec\ub7ec \uaddc\ubaa8\uc758 BTC\ub97c \ub9e4\uac01\ud558\ub294 \u2018\ube44\ud2b8\ucf54\uc778 \ud604\uae08\ud654 \ud504\ub85c\uadf8\ub7a8\u2019\uc744 \uac00\ub3d9\ud588\ub2e4. \ud604\uae08\ud750\ub984\ud560\uc778(DCF) \ubaa8\ub378 \uae30\uc900 \ub0b4\uc7ac \uac00\uce58 \ub300\ube44 43% \uc800\ud3c9\uac00 \uc9c0\ud45c \ubc0f P\/B 0.9\ubc30 \uc218\uce58 \ubd84\uc11d\uacfc \ud568\uaed8, \uc790\ubcf8 \ubc30\ubd84 \ub9ac\uc2a4\ud06c\uac00 \ubcf4\ud1b5\uc8fc \uc8fc\uc8fc\ub4e4\uc5d0\uac8c \ubbf8\uce60 \uc7ac\ubb34\uc801 \uc601\ud5a5\uc744 \uc9c4\ub2e8\ud55c\ub2e4.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/99bitcoins.com\/kr\/news\/strategy-mstr-bitcoin-dcf-valuation-analysis\/\" \/>\n<meta property=\"og:locale\" content=\"ko_KR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\uc2a4\ud2b8\ub808\ud2f0\uc9c0(MSTR), \ubc30\ub2f9\uae08 \uc9c0\uae09\ud558\ub824 2\uc5b5 1,600\ub9cc \ub2ec\ub7ec\uc5b4\uce58 \ube44\ud2b8\ucf54\uc778 \ub9e4\uac01\u2026 \u2018\uc808\ub300 \ud314\uc9c0 \uc54a\ub294\ub2e4\u2019 \ubaa8\ub378\uc758 \uacf5\uc2dd \uc885\ub9d0\uc778\uac00 - 99bitcoins KR\" \/>\n<meta property=\"og:description\" content=\"\ucd5c\ub300 \ube44\ud2b8\ucf54\uc778 \ubcf4\uc720 \uae30\uc5c5 \uc2a4\ud2b8\ub808\ud2f0\uc9c0(MSTR)\uac00 \uc6b0\uc120\uc8fc \ubc30\ub2f9\uae08 \uc9c0\uae09\uc744 \uc704\ud574 2\uc5b5 1,600\ub9cc \ub2ec\ub7ec \uaddc\ubaa8\uc758 BTC\ub97c \ub9e4\uac01\ud558\ub294 \u2018\ube44\ud2b8\ucf54\uc778 \ud604\uae08\ud654 \ud504\ub85c\uadf8\ub7a8\u2019\uc744 \uac00\ub3d9\ud588\ub2e4. \ud604\uae08\ud750\ub984\ud560\uc778(DCF) \ubaa8\ub378 \uae30\uc900 \ub0b4\uc7ac \uac00\uce58 \ub300\ube44 43% \uc800\ud3c9\uac00 \uc9c0\ud45c \ubc0f P\/B 0.9\ubc30 \uc218\uce58 \ubd84\uc11d\uacfc \ud568\uaed8, \uc790\ubcf8 \ubc30\ubd84 \ub9ac\uc2a4\ud06c\uac00 \ubcf4\ud1b5\uc8fc \uc8fc\uc8fc\ub4e4\uc5d0\uac8c \ubbf8\uce60 \uc7ac\ubb34\uc801 \uc601\ud5a5\uc744 \uc9c4\ub2e8\ud55c\ub2e4.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/99bitcoins.com\/kr\/news\/strategy-mstr-bitcoin-dcf-valuation-analysis\/\" \/>\n<meta property=\"og:site_name\" content=\"99bitcoins KR\" \/>\n<meta property=\"article:published_time\" content=\"2026-07-17T13:15:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/99bitcoins.com\/kr\/wp-content\/uploads\/sites\/6\/2026\/07\/microstrategy-mstr-bitcoin-dcf-valuation-analysis-featured.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jihyun Lee\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@https:\/\/x.com\/whatisbitcoins\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jihyun Lee\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4\ubd84\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/news\\\/strategy-mstr-bitcoin-dcf-valuation-analysis\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/news\\\/strategy-mstr-bitcoin-dcf-valuation-analysis\\\/\"},\"author\":{\"name\":\"Jihyun Lee\",\"@id\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/#\\\/schema\\\/person\\\/2b8c9fdc03c0026ebfd8b125c01f0d1b\"},\"headline\":\"\uc2a4\ud2b8\ub808\ud2f0\uc9c0(MSTR), \ubc30\ub2f9\uae08 \uc9c0\uae09\ud558\ub824 2\uc5b5 1,600\ub9cc \ub2ec\ub7ec\uc5b4\uce58 \ube44\ud2b8\ucf54\uc778 \ub9e4\uac01\u2026 \u2018\uc808\ub300 \ud314\uc9c0 \uc54a\ub294\ub2e4\u2019 \ubaa8\ub378\uc758 \uacf5\uc2dd \uc885\ub9d0\uc778\uac00\",\"datePublished\":\"2026-07-17T13:15:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/news\\\/strategy-mstr-bitcoin-dcf-valuation-analysis\\\/\"},\"wordCount\":84,\"publisher\":{\"@id\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/news\\\/strategy-mstr-bitcoin-dcf-valuation-analysis\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/wp-content\\\/uploads\\\/sites\\\/6\\\/2026\\\/07\\\/microstrategy-mstr-bitcoin-dcf-valuation-analysis-featured.jpg\",\"articleSection\":[\"\ub274\uc2a4\",\"\ube44\ud2b8\ucf54\uc778\"],\"inLanguage\":\"ko-KR\",\"copyrightYear\":\"2026\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/99bitcoins.com\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/news\\\/strategy-mstr-bitcoin-dcf-valuation-analysis\\\/\",\"url\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/news\\\/strategy-mstr-bitcoin-dcf-valuation-analysis\\\/\",\"name\":\"\uc2a4\ud2b8\ub808\ud2f0\uc9c0(MSTR), \ubc30\ub2f9\uae08 \uc9c0\uae09\ud558\ub824 2\uc5b5 1,600\ub9cc \ub2ec\ub7ec\uc5b4\uce58 \ube44\ud2b8\ucf54\uc778 \ub9e4\uac01\u2026 \u2018\uc808\ub300 \ud314\uc9c0 \uc54a\ub294\ub2e4\u2019 \ubaa8\ub378\uc758 \uacf5\uc2dd \uc885\ub9d0\uc778\uac00 - 99bitcoins KR\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/news\\\/strategy-mstr-bitcoin-dcf-valuation-analysis\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/news\\\/strategy-mstr-bitcoin-dcf-valuation-analysis\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/wp-content\\\/uploads\\\/sites\\\/6\\\/2026\\\/07\\\/microstrategy-mstr-bitcoin-dcf-valuation-analysis-featured.jpg\",\"datePublished\":\"2026-07-17T13:15:10+00:00\",\"description\":\"\ucd5c\ub300 \ube44\ud2b8\ucf54\uc778 \ubcf4\uc720 \uae30\uc5c5 \uc2a4\ud2b8\ub808\ud2f0\uc9c0(MSTR)\uac00 \uc6b0\uc120\uc8fc \ubc30\ub2f9\uae08 \uc9c0\uae09\uc744 \uc704\ud574 2\uc5b5 1,600\ub9cc \ub2ec\ub7ec \uaddc\ubaa8\uc758 BTC\ub97c \ub9e4\uac01\ud558\ub294 \u2018\ube44\ud2b8\ucf54\uc778 \ud604\uae08\ud654 \ud504\ub85c\uadf8\ub7a8\u2019\uc744 \uac00\ub3d9\ud588\ub2e4. \ud604\uae08\ud750\ub984\ud560\uc778(DCF) \ubaa8\ub378 \uae30\uc900 \ub0b4\uc7ac \uac00\uce58 \ub300\ube44 43% \uc800\ud3c9\uac00 \uc9c0\ud45c \ubc0f P\\\/B 0.9\ubc30 \uc218\uce58 \ubd84\uc11d\uacfc \ud568\uaed8, \uc790\ubcf8 \ubc30\ubd84 \ub9ac\uc2a4\ud06c\uac00 \ubcf4\ud1b5\uc8fc \uc8fc\uc8fc\ub4e4\uc5d0\uac8c \ubbf8\uce60 \uc7ac\ubb34\uc801 \uc601\ud5a5\uc744 \uc9c4\ub2e8\ud55c\ub2e4.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/news\\\/strategy-mstr-bitcoin-dcf-valuation-analysis\\\/#breadcrumb\"},\"inLanguage\":\"ko-KR\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/news\\\/strategy-mstr-bitcoin-dcf-valuation-analysis\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"ko-KR\",\"@id\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/news\\\/strategy-mstr-bitcoin-dcf-valuation-analysis\\\/#primaryimage\",\"url\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/wp-content\\\/uploads\\\/sites\\\/6\\\/2026\\\/07\\\/microstrategy-mstr-bitcoin-dcf-valuation-analysis-featured.jpg\",\"contentUrl\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/wp-content\\\/uploads\\\/sites\\\/6\\\/2026\\\/07\\\/microstrategy-mstr-bitcoin-dcf-valuation-analysis-featured.jpg\",\"width\":1200,\"height\":675},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/news\\\/strategy-mstr-bitcoin-dcf-valuation-analysis\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"\ub274\uc2a4\",\"item\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/news\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"\uc2a4\ud2b8\ub808\ud2f0\uc9c0(MSTR), \ubc30\ub2f9\uae08 \uc9c0\uae09\ud558\ub824 2\uc5b5 1,600\ub9cc \ub2ec\ub7ec\uc5b4\uce58 \ube44\ud2b8\ucf54\uc778 \ub9e4\uac01\u2026 \u2018\uc808\ub300 \ud314\uc9c0 \uc54a\ub294\ub2e4\u2019 \ubaa8\ub378\uc758 \uacf5\uc2dd \uc885\ub9d0\uc778\uac00\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/#website\",\"url\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/\",\"name\":\"99bitcoins KR\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"ko-KR\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/#organization\",\"name\":\"99bitcoins\",\"alternateName\":\"99bitcoins\",\"url\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"ko-KR\",\"@id\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/wp-content\\\/uploads\\\/sites\\\/6\\\/2024\\\/08\\\/99bitcoins-og.png\",\"contentUrl\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/wp-content\\\/uploads\\\/sites\\\/6\\\/2024\\\/08\\\/99bitcoins-og.png\",\"width\":1200,\"height\":630,\"caption\":\"99bitcoins\"},\"image\":{\"@id\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/#\\\/schema\\\/logo\\\/image\\\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/#\\\/schema\\\/person\\\/2b8c9fdc03c0026ebfd8b125c01f0d1b\",\"name\":\"Jihyun Lee\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"ko-KR\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/cbac73cc3cf1d10e62f2f8caf075720e652eb1cd1c97d70705f7b671c2d6a760?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/cbac73cc3cf1d10e62f2f8caf075720e652eb1cd1c97d70705f7b671c2d6a760?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/cbac73cc3cf1d10e62f2f8caf075720e652eb1cd1c97d70705f7b671c2d6a760?s=96&d=mm&r=g\",\"caption\":\"Jihyun Lee\"},\"description\":\"\uc554\ud638\ud654\ud3d0\uc640 \ube14\ub85d\uccb4\uc778 \uae30\uc220 \uad50\uc721\uc5d0 \uc8fc\ub825\ud558\ub294 \uc800\uc220\uac00\ub85c\uc11c \ud0c4\ud0c4\ud55c \ucee4\ub9ac\uc5b4 \ubc30\uacbd\uc744 \uac00\uc9c4 \ubcf8 \uc5d0\ub514\ud130\ub294, \ud604\uc7ac 99\ube44\ud2b8\ucf54\uc778 \uc18c\uc18d\uc758 \uc815\uaddc \uc9c1\uc6d0\uc73c\ub85c \ud65c\ub3d9\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc774\uc9c0\ud604 \uc5d0\ub514\ud130\ub294 \ubcf5\uc7a1\ud55c \uae30\uc220\uc801 \uac1c\ub150\uc744 \uc77c\ubc18 \ub300\uc911\uc774 \uc27d\uac8c \uc774\ud574\ud560 \uc218 \uc788\ub3c4\ub85d \ud480\uc5b4\ub0b4\ub294 \ub370 \uc804\ubb38\uc131\uc744 \ubc1c\ud718\ud558\uba70, \uc554\ud638\ud654\ud3d0 \uc785\ubb38\uc790\ub4e4\uc5d0\uac8c \ud070 \ud638\uc751\uc744 \uc5bb\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub7ec\ud55c \ucee4\ub9ac\uc5b4\uc640 \uc804\ubb38\uc131\uc744 \ubc14\ud0d5\uc73c\ub85c, 99\ube44\ud2b8\ucf54\uc778\uc5d0\uc11c \ucf58\ud150\uce20 \uae30\ud68d\uacfc \ubc1c\ud589 \uc804 \uacfc\uc815\uc744 \ub2f4\ub2f9\ud558\uba70 \ub354 \ub9ce\uc740 \uc0ac\ub78c\ub4e4\uc774 \uc554\ud638\ud654\ud3d0 \uc138\uacc4\uc5d0 \uc27d\uac8c \uc811\uadfc\ud560 \uc218 \uc788\ub3c4\ub85d \ub3d5\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc8fc \ub2f4\ub2f9 \ubd84\uc57c\ub294 \uc778\uae30 \uc554\ud638\ud654\ud3d0 \ucd94\ucc9c, \ube44\ud2b8\ucf54\uc778 \ucd08\ubcf4 \ud22c\uc790\uc790 \uac00\uc774\ub4dc, \uc554\ud638\ud654\ud3d0 \ucd5c\uc2e0 \uc815\ubcf4\uc785\ub2c8\ub2e4.\",\"sameAs\":[\"https:\\\/\\\/x.com\\\/https:\\\/\\\/x.com\\\/whatisbitcoins\"],\"url\":\"https:\\\/\\\/99bitcoins.com\\\/kr\\\/author\\\/jihyunlee\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"\uc2a4\ud2b8\ub808\ud2f0\uc9c0(MSTR), \ubc30\ub2f9\uae08 \uc9c0\uae09\ud558\ub824 2\uc5b5 1,600\ub9cc \ub2ec\ub7ec\uc5b4\uce58 \ube44\ud2b8\ucf54\uc778 \ub9e4\uac01\u2026 \u2018\uc808\ub300 \ud314\uc9c0 \uc54a\ub294\ub2e4\u2019 \ubaa8\ub378\uc758 \uacf5\uc2dd \uc885\ub9d0\uc778\uac00 - 99bitcoins KR","description":"\ucd5c\ub300 \ube44\ud2b8\ucf54\uc778 \ubcf4\uc720 \uae30\uc5c5 \uc2a4\ud2b8\ub808\ud2f0\uc9c0(MSTR)\uac00 \uc6b0\uc120\uc8fc \ubc30\ub2f9\uae08 \uc9c0\uae09\uc744 \uc704\ud574 2\uc5b5 1,600\ub9cc \ub2ec\ub7ec \uaddc\ubaa8\uc758 BTC\ub97c \ub9e4\uac01\ud558\ub294 \u2018\ube44\ud2b8\ucf54\uc778 \ud604\uae08\ud654 \ud504\ub85c\uadf8\ub7a8\u2019\uc744 \uac00\ub3d9\ud588\ub2e4. \ud604\uae08\ud750\ub984\ud560\uc778(DCF) \ubaa8\ub378 \uae30\uc900 \ub0b4\uc7ac \uac00\uce58 \ub300\ube44 43% \uc800\ud3c9\uac00 \uc9c0\ud45c \ubc0f P\/B 0.9\ubc30 \uc218\uce58 \ubd84\uc11d\uacfc \ud568\uaed8, \uc790\ubcf8 \ubc30\ubd84 \ub9ac\uc2a4\ud06c\uac00 \ubcf4\ud1b5\uc8fc \uc8fc\uc8fc\ub4e4\uc5d0\uac8c \ubbf8\uce60 \uc7ac\ubb34\uc801 \uc601\ud5a5\uc744 \uc9c4\ub2e8\ud55c\ub2e4.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/99bitcoins.com\/kr\/news\/strategy-mstr-bitcoin-dcf-valuation-analysis\/","og_locale":"ko_KR","og_type":"article","og_title":"\uc2a4\ud2b8\ub808\ud2f0\uc9c0(MSTR), \ubc30\ub2f9\uae08 \uc9c0\uae09\ud558\ub824 2\uc5b5 1,600\ub9cc \ub2ec\ub7ec\uc5b4\uce58 \ube44\ud2b8\ucf54\uc778 \ub9e4\uac01\u2026 \u2018\uc808\ub300 \ud314\uc9c0 \uc54a\ub294\ub2e4\u2019 \ubaa8\ub378\uc758 \uacf5\uc2dd \uc885\ub9d0\uc778\uac00 - 99bitcoins KR","og_description":"\ucd5c\ub300 \ube44\ud2b8\ucf54\uc778 \ubcf4\uc720 \uae30\uc5c5 \uc2a4\ud2b8\ub808\ud2f0\uc9c0(MSTR)\uac00 \uc6b0\uc120\uc8fc \ubc30\ub2f9\uae08 \uc9c0\uae09\uc744 \uc704\ud574 2\uc5b5 1,600\ub9cc \ub2ec\ub7ec \uaddc\ubaa8\uc758 BTC\ub97c \ub9e4\uac01\ud558\ub294 \u2018\ube44\ud2b8\ucf54\uc778 \ud604\uae08\ud654 \ud504\ub85c\uadf8\ub7a8\u2019\uc744 \uac00\ub3d9\ud588\ub2e4. \ud604\uae08\ud750\ub984\ud560\uc778(DCF) \ubaa8\ub378 \uae30\uc900 \ub0b4\uc7ac \uac00\uce58 \ub300\ube44 43% \uc800\ud3c9\uac00 \uc9c0\ud45c \ubc0f P\/B 0.9\ubc30 \uc218\uce58 \ubd84\uc11d\uacfc \ud568\uaed8, \uc790\ubcf8 \ubc30\ubd84 \ub9ac\uc2a4\ud06c\uac00 \ubcf4\ud1b5\uc8fc \uc8fc\uc8fc\ub4e4\uc5d0\uac8c \ubbf8\uce60 \uc7ac\ubb34\uc801 \uc601\ud5a5\uc744 \uc9c4\ub2e8\ud55c\ub2e4.","og_url":"https:\/\/99bitcoins.com\/kr\/news\/strategy-mstr-bitcoin-dcf-valuation-analysis\/","og_site_name":"99bitcoins KR","article_published_time":"2026-07-17T13:15:10+00:00","og_image":[{"width":1200,"height":675,"url":"https:\/\/99bitcoins.com\/kr\/wp-content\/uploads\/sites\/6\/2026\/07\/microstrategy-mstr-bitcoin-dcf-valuation-analysis-featured.jpg","type":"image\/jpeg"}],"author":"Jihyun Lee","twitter_card":"summary_large_image","twitter_creator":"@https:\/\/x.com\/whatisbitcoins","twitter_misc":{"Written by":"Jihyun Lee","Est. reading time":"4\ubd84"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/99bitcoins.com\/kr\/news\/strategy-mstr-bitcoin-dcf-valuation-analysis\/#article","isPartOf":{"@id":"https:\/\/99bitcoins.com\/kr\/news\/strategy-mstr-bitcoin-dcf-valuation-analysis\/"},"author":{"name":"Jihyun Lee","@id":"https:\/\/99bitcoins.com\/kr\/#\/schema\/person\/2b8c9fdc03c0026ebfd8b125c01f0d1b"},"headline":"\uc2a4\ud2b8\ub808\ud2f0\uc9c0(MSTR), \ubc30\ub2f9\uae08 \uc9c0\uae09\ud558\ub824 2\uc5b5 1,600\ub9cc \ub2ec\ub7ec\uc5b4\uce58 \ube44\ud2b8\ucf54\uc778 \ub9e4\uac01\u2026 \u2018\uc808\ub300 \ud314\uc9c0 \uc54a\ub294\ub2e4\u2019 \ubaa8\ub378\uc758 \uacf5\uc2dd \uc885\ub9d0\uc778\uac00","datePublished":"2026-07-17T13:15:10+00:00","mainEntityOfPage":{"@id":"https:\/\/99bitcoins.com\/kr\/news\/strategy-mstr-bitcoin-dcf-valuation-analysis\/"},"wordCount":84,"publisher":{"@id":"https:\/\/99bitcoins.com\/kr\/#organization"},"image":{"@id":"https:\/\/99bitcoins.com\/kr\/news\/strategy-mstr-bitcoin-dcf-valuation-analysis\/#primaryimage"},"thumbnailUrl":"https:\/\/99bitcoins.com\/kr\/wp-content\/uploads\/sites\/6\/2026\/07\/microstrategy-mstr-bitcoin-dcf-valuation-analysis-featured.jpg","articleSection":["\ub274\uc2a4","\ube44\ud2b8\ucf54\uc778"],"inLanguage":"ko-KR","copyrightYear":"2026","copyrightHolder":{"@id":"https:\/\/99bitcoins.com\/#organization"}},{"@type":"WebPage","@id":"https:\/\/99bitcoins.com\/kr\/news\/strategy-mstr-bitcoin-dcf-valuation-analysis\/","url":"https:\/\/99bitcoins.com\/kr\/news\/strategy-mstr-bitcoin-dcf-valuation-analysis\/","name":"\uc2a4\ud2b8\ub808\ud2f0\uc9c0(MSTR), \ubc30\ub2f9\uae08 \uc9c0\uae09\ud558\ub824 2\uc5b5 1,600\ub9cc \ub2ec\ub7ec\uc5b4\uce58 \ube44\ud2b8\ucf54\uc778 \ub9e4\uac01\u2026 \u2018\uc808\ub300 \ud314\uc9c0 \uc54a\ub294\ub2e4\u2019 \ubaa8\ub378\uc758 \uacf5\uc2dd \uc885\ub9d0\uc778\uac00 - 99bitcoins KR","isPartOf":{"@id":"https:\/\/99bitcoins.com\/kr\/#website"},"primaryImageOfPage":{"@id":"https:\/\/99bitcoins.com\/kr\/news\/strategy-mstr-bitcoin-dcf-valuation-analysis\/#primaryimage"},"image":{"@id":"https:\/\/99bitcoins.com\/kr\/news\/strategy-mstr-bitcoin-dcf-valuation-analysis\/#primaryimage"},"thumbnailUrl":"https:\/\/99bitcoins.com\/kr\/wp-content\/uploads\/sites\/6\/2026\/07\/microstrategy-mstr-bitcoin-dcf-valuation-analysis-featured.jpg","datePublished":"2026-07-17T13:15:10+00:00","description":"\ucd5c\ub300 \ube44\ud2b8\ucf54\uc778 \ubcf4\uc720 \uae30\uc5c5 \uc2a4\ud2b8\ub808\ud2f0\uc9c0(MSTR)\uac00 \uc6b0\uc120\uc8fc \ubc30\ub2f9\uae08 \uc9c0\uae09\uc744 \uc704\ud574 2\uc5b5 1,600\ub9cc \ub2ec\ub7ec \uaddc\ubaa8\uc758 BTC\ub97c \ub9e4\uac01\ud558\ub294 \u2018\ube44\ud2b8\ucf54\uc778 \ud604\uae08\ud654 \ud504\ub85c\uadf8\ub7a8\u2019\uc744 \uac00\ub3d9\ud588\ub2e4. \ud604\uae08\ud750\ub984\ud560\uc778(DCF) \ubaa8\ub378 \uae30\uc900 \ub0b4\uc7ac \uac00\uce58 \ub300\ube44 43% \uc800\ud3c9\uac00 \uc9c0\ud45c \ubc0f P\/B 0.9\ubc30 \uc218\uce58 \ubd84\uc11d\uacfc \ud568\uaed8, \uc790\ubcf8 \ubc30\ubd84 \ub9ac\uc2a4\ud06c\uac00 \ubcf4\ud1b5\uc8fc \uc8fc\uc8fc\ub4e4\uc5d0\uac8c \ubbf8\uce60 \uc7ac\ubb34\uc801 \uc601\ud5a5\uc744 \uc9c4\ub2e8\ud55c\ub2e4.","breadcrumb":{"@id":"https:\/\/99bitcoins.com\/kr\/news\/strategy-mstr-bitcoin-dcf-valuation-analysis\/#breadcrumb"},"inLanguage":"ko-KR","potentialAction":[{"@type":"ReadAction","target":["https:\/\/99bitcoins.com\/kr\/news\/strategy-mstr-bitcoin-dcf-valuation-analysis\/"]}]},{"@type":"ImageObject","inLanguage":"ko-KR","@id":"https:\/\/99bitcoins.com\/kr\/news\/strategy-mstr-bitcoin-dcf-valuation-analysis\/#primaryimage","url":"https:\/\/99bitcoins.com\/kr\/wp-content\/uploads\/sites\/6\/2026\/07\/microstrategy-mstr-bitcoin-dcf-valuation-analysis-featured.jpg","contentUrl":"https:\/\/99bitcoins.com\/kr\/wp-content\/uploads\/sites\/6\/2026\/07\/microstrategy-mstr-bitcoin-dcf-valuation-analysis-featured.jpg","width":1200,"height":675},{"@type":"BreadcrumbList","@id":"https:\/\/99bitcoins.com\/kr\/news\/strategy-mstr-bitcoin-dcf-valuation-analysis\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/99bitcoins.com\/kr\/"},{"@type":"ListItem","position":2,"name":"\ub274\uc2a4","item":"https:\/\/99bitcoins.com\/kr\/news\/"},{"@type":"ListItem","position":3,"name":"\uc2a4\ud2b8\ub808\ud2f0\uc9c0(MSTR), \ubc30\ub2f9\uae08 \uc9c0\uae09\ud558\ub824 2\uc5b5 1,600\ub9cc \ub2ec\ub7ec\uc5b4\uce58 \ube44\ud2b8\ucf54\uc778 \ub9e4\uac01\u2026 \u2018\uc808\ub300 \ud314\uc9c0 \uc54a\ub294\ub2e4\u2019 \ubaa8\ub378\uc758 \uacf5\uc2dd \uc885\ub9d0\uc778\uac00"}]},{"@type":"WebSite","@id":"https:\/\/99bitcoins.com\/kr\/#website","url":"https:\/\/99bitcoins.com\/kr\/","name":"99bitcoins KR","description":"","publisher":{"@id":"https:\/\/99bitcoins.com\/kr\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/99bitcoins.com\/kr\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"ko-KR"},{"@type":"Organization","@id":"https:\/\/99bitcoins.com\/kr\/#organization","name":"99bitcoins","alternateName":"99bitcoins","url":"https:\/\/99bitcoins.com\/kr\/","logo":{"@type":"ImageObject","inLanguage":"ko-KR","@id":"https:\/\/99bitcoins.com\/kr\/#\/schema\/logo\/image\/","url":"https:\/\/99bitcoins.com\/kr\/wp-content\/uploads\/sites\/6\/2024\/08\/99bitcoins-og.png","contentUrl":"https:\/\/99bitcoins.com\/kr\/wp-content\/uploads\/sites\/6\/2024\/08\/99bitcoins-og.png","width":1200,"height":630,"caption":"99bitcoins"},"image":{"@id":"https:\/\/99bitcoins.com\/kr\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/99bitcoins.com\/kr\/#\/schema\/person\/2b8c9fdc03c0026ebfd8b125c01f0d1b","name":"Jihyun Lee","image":{"@type":"ImageObject","inLanguage":"ko-KR","@id":"https:\/\/secure.gravatar.com\/avatar\/cbac73cc3cf1d10e62f2f8caf075720e652eb1cd1c97d70705f7b671c2d6a760?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/cbac73cc3cf1d10e62f2f8caf075720e652eb1cd1c97d70705f7b671c2d6a760?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/cbac73cc3cf1d10e62f2f8caf075720e652eb1cd1c97d70705f7b671c2d6a760?s=96&d=mm&r=g","caption":"Jihyun Lee"},"description":"\uc554\ud638\ud654\ud3d0\uc640 \ube14\ub85d\uccb4\uc778 \uae30\uc220 \uad50\uc721\uc5d0 \uc8fc\ub825\ud558\ub294 \uc800\uc220\uac00\ub85c\uc11c \ud0c4\ud0c4\ud55c \ucee4\ub9ac\uc5b4 \ubc30\uacbd\uc744 \uac00\uc9c4 \ubcf8 \uc5d0\ub514\ud130\ub294, \ud604\uc7ac 99\ube44\ud2b8\ucf54\uc778 \uc18c\uc18d\uc758 \uc815\uaddc \uc9c1\uc6d0\uc73c\ub85c \ud65c\ub3d9\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc774\uc9c0\ud604 \uc5d0\ub514\ud130\ub294 \ubcf5\uc7a1\ud55c \uae30\uc220\uc801 \uac1c\ub150\uc744 \uc77c\ubc18 \ub300\uc911\uc774 \uc27d\uac8c \uc774\ud574\ud560 \uc218 \uc788\ub3c4\ub85d \ud480\uc5b4\ub0b4\ub294 \ub370 \uc804\ubb38\uc131\uc744 \ubc1c\ud718\ud558\uba70, \uc554\ud638\ud654\ud3d0 \uc785\ubb38\uc790\ub4e4\uc5d0\uac8c \ud070 \ud638\uc751\uc744 \uc5bb\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub7ec\ud55c \ucee4\ub9ac\uc5b4\uc640 \uc804\ubb38\uc131\uc744 \ubc14\ud0d5\uc73c\ub85c, 99\ube44\ud2b8\ucf54\uc778\uc5d0\uc11c \ucf58\ud150\uce20 \uae30\ud68d\uacfc \ubc1c\ud589 \uc804 \uacfc\uc815\uc744 \ub2f4\ub2f9\ud558\uba70 \ub354 \ub9ce\uc740 \uc0ac\ub78c\ub4e4\uc774 \uc554\ud638\ud654\ud3d0 \uc138\uacc4\uc5d0 \uc27d\uac8c \uc811\uadfc\ud560 \uc218 \uc788\ub3c4\ub85d \ub3d5\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc8fc \ub2f4\ub2f9 \ubd84\uc57c\ub294 \uc778\uae30 \uc554\ud638\ud654\ud3d0 \ucd94\ucc9c, \ube44\ud2b8\ucf54\uc778 \ucd08\ubcf4 \ud22c\uc790\uc790 \uac00\uc774\ub4dc, \uc554\ud638\ud654\ud3d0 \ucd5c\uc2e0 \uc815\ubcf4\uc785\ub2c8\ub2e4.","sameAs":["https:\/\/x.com\/https:\/\/x.com\/whatisbitcoins"],"url":"https:\/\/99bitcoins.com\/kr\/author\/jihyunlee\/"}]}},"_links":{"self":[{"href":"https:\/\/99bitcoins.com\/kr\/wp-json\/wp\/v2\/posts\/35443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/99bitcoins.com\/kr\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/99bitcoins.com\/kr\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/99bitcoins.com\/kr\/wp-json\/wp\/v2\/users\/135881"}],"replies":[{"embeddable":true,"href":"https:\/\/99bitcoins.com\/kr\/wp-json\/wp\/v2\/comments?post=35443"}],"version-history":[{"count":2,"href":"https:\/\/99bitcoins.com\/kr\/wp-json\/wp\/v2\/posts\/35443\/revisions"}],"predecessor-version":[{"id":35445,"href":"https:\/\/99bitcoins.com\/kr\/wp-json\/wp\/v2\/posts\/35443\/revisions\/35445"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/99bitcoins.com\/kr\/wp-json\/wp\/v2\/media\/35441"}],"wp:attachment":[{"href":"https:\/\/99bitcoins.com\/kr\/wp-json\/wp\/v2\/media?parent=35443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/99bitcoins.com\/kr\/wp-json\/wp\/v2\/categories?post=35443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/99bitcoins.com\/kr\/wp-json\/wp\/v2\/tags?post=35443"},{"taxonomy":"coin","embeddable":true,"href":"https:\/\/99bitcoins.com\/kr\/wp-json\/wp\/v2\/coin?post=35443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}