First, MSTR itself is a US stock, and it has performance support, although its main performance is to buy #BTC, but this is still performance, so $MSTR is essentially driven by financial reports.
Second, although everyone knows that MSTR is buying BTC, but how many people know that MSTR's actual leverage is completely non-existent, and the funds obtained through borrowing are very small, accounting for less than 10%. In plain language, Michael Saylor once said that the BTC held by MSTR would not be liquidated unless the price of BTC fell to over $700. And even at this price, MicroStrategy can also repay through financial means, so in fact, MSTR's BTC has no risk of liquidation.
Third, MSTR actually still has its own software business, although it is not very profitable, but the business is still growing, yes, many friends don't know, but it's true, and this is also one of their revenue sources.
Fourth, although MSTR is the "BTC" in the US stock market, MSTR's cost of holding is low, which is something that many people have not considered. It's like you are buying BTC now at a cost of $60,000, while MSTR bought BTC at a cost of $40,000, how can you compare?
Fifth, MSTR's main performance support is through the rise in the price of BTC, similarly, the mining companies in the crypto circle that are listed companies are very sensitive to the price of BTC, their profits are realized through holding and selling BTC, and more importantly, the mining companies need to keep buying machines, buying electricity, and expanding the area to increase profitability, in other words, they need to pile up money, and they are also greatly affected by policies and seasons, but MSTR is just selling stocks to buy BTC, the business is simple and straightforward, without any complexity.
Sixth, with the spot ETF and FASB, BTC can be used as a standard investment asset for financial statistics, and the best return for MSTR is the rise in the price of BTC, as they buy BTC every quarter, after all, the cost is low. So as long as the price of BTC keeps rising, and MSTR keeps buying, it will be a positive factor, and although these profits cannot be directly reflected in the stock market, they will have very strong expectations, which cannot be replaced by other "BTC".
So it's not that MSTR is a leveraged BTC, but that MSTR is a BTC that is always only halved and will not be liquidated, and this is the reason why MSTR's increase is greater than BTC's. Of course, what I have written may not be complete, but the gap should not be too large.
