O preço atual do BTC da MSTR está com um prêmio de 2 vezes por ação

Wu learned that the current BTC price per share of MSTR, as proposed by Twitter user @w_s_bitcoin, is 375k SATS, with an actual holding of 180k SATS per share, resulting in a doubling of the premium. He questions how MSTR can double the quantity of BTC per share without increasing the minimum number of shares issued, suggesting that in extreme cases, the BTC holding would need to be doubled or even quadrupled, but the market cannot obtain enough BTC, so the premium relies more on market sentiment, similar to the "greater fool theory." Adam Back, the founder of Blockstream, responded to MSTR's capital operation logic, believing that MSTR's core strategy is to continuously increase its BTC holding through ATMs and convertible bonds to optimize the BTC per share increase. Despite the lower mNAV, they accelerate operations, with a 46% increase in BTC per share in Q4 and a potential 4.5x annualized return, while balancing the debt ratio with capital composition. He pointed out that there is a 1.5x beta relationship between MSTR's stock price and BTC price, with the premium fluctuating with market sentiment. It may contract in the later stage of a 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 of Bitcoin.