MicroStrategy Incorporated MSTR is trading at an astonishing 256% premium to the net asset value (NAV) of its Bitcoin BTC/USD holdings, according to research conducted by BitMEX.

The analysis highlights the extreme valuation disparity between MicroStrategy’s current market capitalization, driven by its aggressive Bitcoin acquisition strategy, and the actual value of the Bitcoin it holds.

“MicroStrategy’s premium is insane, perhaps in part driven by some financial regulators banning people from buying Bitcoin ETFs. These people are so desperate for Bitcoin exposure, they buy MSTR instead, despite the premium,” BitMEX Research stated.

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