MicroStrategy's leveraged bitcoin stock has disappointed traders returning from the holiday break, with BTC rallying 3% while MicroStrategy declined 12%. The company's value is now largely based on its BTC holdings, with a market cap 93% higher than the value of its BTC holdings. However, the company's Net Asset Value premium has been declining and it recently increased the number of authorized shares of Class A common stock. Some investors see this as an opportunity for the company to purchase more BTC and increase holdings per share. Despite this, MicroStrategy is trading 34% below its all-time high. Founder Michael Saylor recently hosted an extravagant New Year's Eve party while BTC was trading below $94,000. Saylor admitted to buying more BTC on December 30 and 31 but couldn't drive the price up to $100,000 before his guests arrived.



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