MSTR’s current Bitcoin price per share is 2 times higher

Twitter user @w_s_bitcoin suggested that MSTR's current Bitcoin price per share is 375k sats, with an actual holding of 180k sats per share, a premium of 2x. He questioned how MSTR could double the number of Bitcoins per share while issuing the least number of shares, believing that in extreme cases, the Bitcoin holding would need to double or even quadruple, but there would not be enough Bitcoin available in the market, so the premium is more dependent on market sentiment, similar to the "greater fool theory". Blockstream founder Adam Back responded to MSTR's capital operation logic, believing that MSTR's core strategy is to raise funds flexibly through ATM and convertible bonds, continuously increasing its Bitcoin holdings to optimize the growth of Bitcoin per share. Although the mNAV is low, they are accelerating their operations, with a 46% growth in Bitcoin/share in Q4 and an annualized potential of 4.5x, while using the capital structure to balance the debt ratio. He pointed out that MSTR's stock price has a 1.5 beta relationship with the Bitcoin price, and the premium will fluctuate with market sentiment, which may contract in the late bull market, but the long-term outlook remains positive. He also emphasized that the market's confidence in MSTR depends on its leverage strategy and the potential for Bitcoin to rise.