MicroStrategy’s (MSTR) 300% Premium Relative to its Bitcoin (BTC) Stack Is Unsustainable: Steno Research

“This conviction is reinforced by the diminishing effects of MicroStrategy’s recent stock split,” analyst Mads Eberhardt wrote, adding that the launch of options on spot bitcoin exchange-traded funds (ETFs) in the U.S will also lessen the motivation for investors to hold the stock over these ETFs.