MSTR has yet to surpass the level of the firm, which is one reason. The most important factor is still the underlying assets.
A few final points. MicroStrategy currently has a 300% premium on Bitcoin. For participants in the secondary market, if they do not understand the variables involved, the risks are extremely high. The continuously growing volume means that the premium will only shrink rather than expand; sustained financing capability is one of the variables that turns the premium from virtual to real.
Additionally, it would be best if everyone learned from MicroStrategy. If a hundred listed companies adopt its Bitcoin standard, raising the overall holding cost of Bitcoin would effectively help reduce the premium bubble together.
Can other assets (like ETH, SOL, meme coins) replicate the same strategy? The core of this strategy is that there are enough counterparties willing to accept similar convertible bond terms, and they accept these terms because more counterparties want exposure to different risk combinations of Bitcoin.
Assets like ETH and SOL, beyond liquidity, add more economic models, technology, and market risks, making the operational difficulty much higher, but the potential returns are also significant. It's hard to say if a degenerate version of MicroStrategy could emerge.
I feel that the big players are already gearing up.
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