MicroStrategy's current premium relative to its bitcoin holdings is not likely to last, according to a report by Steno Research. The report states that the positive effects of the company's stock split are wearing off and the launch of options on spot bitcoin ETFs will reduce demand. During the 2021 crypto bull market, MicroStrategy's premium was generally below 200%, making the current premium of almost 300% unsustainable. The report suggests that as regulators become more favorable to bitcoin and crypto, investors may choose to hold bitcoin directly instead of MicroStrategy stock. It also notes that a higher buying demand would be needed to sustain MicroStrategy's current premium, especially considering Bitcoin's strong performance expected this quarter and into 2025.



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