As of today, MicroStrategy's market value has reached 43 billion US dollars. It has hoarded 214,000 BTC, worth about 13 billion US dollars. The net value ratio is 3.3, which means that MicroStrategy's market value is 2.3 times higher than its BTC position. If it continues to develop like this, MicroStrategy will actually return to its historical high point before the bursting of the Internet bubble in 2000.

MicroStrategy relies on the credit brought by high stock prices to borrow US dollars in the US stock market, and then exchange US dollars for BTC to hoard. The appreciation of BTC pushes up its US stock price, so there is more room for debt, so it further borrows, borrows more US dollars, and exchanges more BTC...

In theory, assuming that the value of MicroStrategy's other business assets is zero, and its market value is entirely composed of BTC assets and liabilities, then the market value should be equal to the market value of BTC assets minus liabilities. The actual situation now is that MicroStrategy's market value is much higher than the market value of its BTC assets.

This may imply the market's bullish expectations for BTC in the future. If we calculate it only at 3.3 times, $60,000 multiplied by 3.3 equals $198,000.