Bitcoin reached a new all-time high of $111,500, driving premarket gains in several cryptocurrency-related stocks. ProShares Bitcoin Strategy ETF and iShares Bitcoin Trust each rose by 1.8%, while mining companies Riot Platforms, Hut 8 Mining, Marathon Digital Holdings, and Bitfarms gained between 3.3% and 4%. Coinbase Global increased by 2.7%. Despite Bitcoin's surge, MicroStrategy's stock has underperformed, trading flat amid concerns over dilution as its shares expanded from 75 million to 246 million. This dilution, part of CEO Michael Saylor's strategy, has led to a 7.2% drop in MicroStrategy's stock price, with sentiment on social platforms shifting from neutral to bullish even as the stock remains down about 30% from November highs. The selloff in MicroStrategy contrasts with growing investor interest in other crypto stocks, which are trading at much higher multiples relative to their net asset values. The ongoing debate about leverage strategies among Bitcoin treasury companies, reminiscent of the Grayscale Bitcoin Trust (GBTC) premium and discount issues, continues to influence market dynamics.