How can $MSTR possibly trade at 2.7x their BTC treasury?
I suspect we are seeing the start of $5-10b of inflows in anticipation of a SP500 listing right now.
If true, then it's still warming up.

Twitter

Editor's note: This is Followin's new column, focusing on the MEME track, especially introducing the newly emerged and high-trending MEME coins of the day.

Musk has proven in a few days that he is still the top influencer in the crypto field.

If Trump's election victory brought BTC to new highs, then Musk is the one who has completely ignited the MEME track. Currently, there are 3 Musk concept coins with high heat.

The Starship paint scheme has become a hit, and Banana's market cap has increased 10-fold in 24 hours.

Banana is a SOL chain meme, with a current market cap of $18.5M, surging over 10-fold overnight. Its trading volume ranks among the top of the entire chain...

3 Musk concept coins rose violently, which MEME can be listed on Binance? 丨MEME Battle

Polymarket is in trouble.

According to a Bloomberg report, Polymarket is under investigation by the U.S. Department of Justice for allegedly allowing U.S. users to bet on its platform.

The Federal Bureau of Investigation (FBI) issued a search warrant for Polymarket CEO Shayne Coplan and seized his phone and electronic devices. Under an agreement reached in 2022 with the Commodity Futures Trading Commission, Polymarket was required to prevent U.S. traders from transacting on its platform.

Polymarket CEO Shayne Coplan...

'OP' must be translated into 'OP'.
'AR' must be translated into 'AR'.
'PLA' must be translated into 'PLA'.

Polymarket is investigated by the US Department of Justice, and MEME coin "Eagle" soared 23624%

Upbit, the largest cryptocurrency exchange in South Korea, has just announced the decision to list PEPE (PEPE). The Upbit cryptocurrency exchange in South Korea has just announced on its official website that they will list...

Upbit Announces Listing of PEPE (PEPE) Sends Token Price Up 20%

Consider 20-30% of the SP500's $50T marketcap comes from passive index tracking funds and ETFs.
Inclusion into the SP500 means MSTR gets a chunk of that money.
Inflow estimates:
$10-15b from passive index tracker funds
$5-10b additional from speculative inflows 

When would it happen?
FASB accounting practices go live for MSTR on 1st Jan 2025, that's a prerequisite before a listing can take place. After that MSTR will meet most of the requirements, with the last requirement being a committee decision.

Here's what inclusion into the SP500 looks like impacting the chart.
Notice how it suggests speculative flows front-run the listing for months ahead.
It's a combined total of $15-25b of total inflows over this period, not bad for a $60b company. 

Source material:
Estimates come from Grok. Stock analysts, please comment if there's any hallucination or error.
https://x.com/i/grok/share/fRcMD8Zut3FMpj1r4nksgyqKo 

Impact of SP500 listing on price charts by @ConcretumR
https://x.com/ConcretumR/status/1854590938980442617