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

Odaily News BitMEX Research published an article on the X platform and analyzed that the current MicroStrategy (MSTR) stock price is at a huge premium to the value of the Bitcoin it holds, with a premium of about 256% after full dilution. Part of the reason may be that some financial regulators prohibit people from buying Bitcoin ETFs. But investors are so eager for Bitcoin exposure that they buy MSTR regardless of the premium. In addition, MSTR has a "income strategy". Because MSTR trades at a premium, the company can issue new shares and buy more Bitcoin, which will increase the Bitcoin holdings behind each share. If the premium persists, the company can continue to issue new shares. MSTR's current premium rate is 256%. At this premium, when each MSTR share actually represents a Bitcoin holding worth $474, MicroStrategy will then need to issue 157 million shares (currently 102 million shares), raise $157 billion, and the stock price will rise to $1,685 per share, with a market value of $674 billion and hold 1.9 million Bitcoins. BitMEX Research believes that such price performance and rising model is a "Ponzi scheme" and is not reasonable.