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MicroStrategy ($MSTR) has attracted attention due to its significant Bitcoin holdings, with 205K BTC acquired at an average price of $33,706 per BTC. The company's market cap is now $30.24B, exceeding its total Bitcoin value. Concerns arise over the premium on MSTR shares compared to direct Bitcoin ownership, leading to criticisms of the company's valuation and leverage. Hedge funds have reportedly engaged in trades shorting MSTR and going long on Bitcoin, highlighting the widening gap between the two assets. Despite fluctuations in crypto stocks, MicroStrategy has shown significant gains recently.
Crypto stocks face a rough start today #MicroStrategy falls 8%, #Coinbase slips 2.5%, with Bitcoin miners Core Scientific, Marathon, and Riot down 3-6%. Despite today's dip, MicroStrategy is up 137% over the past month, while #Coinbase is up 32%. $MSTR | $COIN
Nobody tell the $SPX bagholders their $MSTR shares are only backed by 40% of Bitcoin relative to market cap and a Bitcoin ETF is twice as “leveraged” dollar-per -BTC
One $1700 share of $MSTR gets you like $800 worth of Bitcoin. That is not a “leveraged play on Bitcoin” it is the opposite.