Summary
MicroStrategy’s bitcoin acquisition strategy of only buying BTC when its stock trades at a premium has been successful, leading to a pleasant surprise in re-expansion despite competition from ETFs.
Key Points
1. The re-expansion of MicroStrategy’s bitcoin holdings has been a pleasant surprise despite increased competition from ETFs.
2. The premium on MicroStrategy’s stock makes sense as their strategy of only buying bitcoin when the stock trades at a relative premium to its HODL has been accretive.
3. The authors of the article view MicroStrategy’s bitcoin acquisition strategy as successful and beneficial for the company.