According to WuSay, Twitter user @w_s_bitcoin pointed out that MSTR currently holds 180k sats at a 2x premium, with the current price of Bitcoin per share at 375k sats.
He questioned how MSTR could double the number of bitcoins per share with minimal additional shares, arguing that there were not enough bitcoins available in the market and that the premium was more dependent on market sentiment.
Blockstream founder Adam Back responded that MSTR continues to increase its Bitcoin holdings through flexible financing through ATMs and convertible bonds, with Bitcoin/share growth of 46% in Q4 and an annualized potential of 4.5 times.
He pointed out that MSTR's stock price has a 1.5x beta relationship with Bitcoin price, and the premium fluctuates with market sentiment. It may shrink in the later stage of the bull market, but the long-term expectations remain positive.
