According to Wu, Twitter user @w_s_bitcoin pointed out that MSTR's current Bitcoin price per share is 375k sats, with an actual holding of 180k sats per share, resulting in a premium of 2 times. He questioned how MSTR could double the number of Bitcoins per share while issuing the least amount of stock, believing that in extreme cases, it would require doubling or even quadrupling the Bitcoin holdings, but there aren't enough Bitcoins available in the market, so the premium relies more on market sentiment, akin to the 'greater fool theory.' Adam Back, the founder of Blockstream, responded to MSTR's capital operation logic, stating that MSTR's core strategy is to flexibly finance through ATMs and convertible bonds, continuously increasing Bitcoin holdings to optimize the growth of Bitcoin per share. Despite the low mNAV, they are accelerating operations, with a 46% growth in Bitcoin per share in Q4, and an annualized potential of 4.5 times, while balancing the debt ratio with the capital portfolio. He pointed out that MSTR's stock price has a 1.5 times beta relationship with Bitcoin prices, with the premium fluctuating with market sentiment, which may contract in the later stages of a bull market, but the long-term outlook remains positive. He also emphasized that market confidence in MSTR depends on its leverage strategy and the potential for Bitcoin to rise.

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