BitMEX Research: MSTR stock price is 256% higher than its Bitcoin holdings

Odaily Planet Daily Report: According to a post on the by , the current stock price of MicroStrategy (MSTR) is significantly overpriced compared to the value of the Bitcoin it holds, with a fully diluted premium of approximately 256%. One possible reason is that some financial regulatory agencies prohibit people from purchasing Bitcoin ETFs. However, investors are very eager for Bitcoin exposure, so they are buying MSTR despite the premium. Additionally, MSTR has a "yield strategy" in place. Since MSTR is trading at a premium, the company can issue new shares and use the proceeds to buy more Bitcoin, increasing the Bitcoin holdings per share. If the premium persists, the company can continue to issue new shares. Currently, MSTR's premium rate is 256%, and based on this premium, when each MSTR share represents $474 worth of Bitcoin holdings, MicroStrategy will need to issue 157 million shares (currently 102 million), raising $157 billion, with the stock price rising to $1,685 per share and a market capitalization of $674 billion, holding 1.9 million Bitcoin. believes that this price performance and growth model is a "Ponzi scheme" and is not reasonable.