• bitcoinBitcoin (BTC) $ 84,319.00
  • ethereumEthereum (ETH) $ 1,910.95
  • tetherTether (USDT) $ 1.00
  • xrpXRP (XRP) $ 2.39
  • bnbBNB (BNB) $ 592.21
  • solanaSolana (SOL) $ 133.44
  • usd-coinUSDC (USDC) $ 0.999899
  • cardanoCardano (ADA) $ 0.740129
  • dogecoinDogecoin (DOGE) $ 0.171971
  • tronTRON (TRX) $ 0.223385
  • staked-etherLido Staked Ether (STETH) $ 1,909.11
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 84,095.00
  • pi-networkPi Network (PI) $ 1.45
  • leo-tokenLEO Token (LEO) $ 9.76
  • chainlinkChainlink (LINK) $ 13.78
  • stellarStellar (XLM) $ 0.277380
  • wrapped-stethWrapped stETH (WSTETH) $ 2,285.69
  • usdsUSDS (USDS) $ 0.999949
  • hedera-hashgraphHedera (HBAR) $ 0.194867
  • avalanche-2Avalanche (AVAX) $ 18.47
  • shiba-inuShiba Inu (SHIB) $ 0.000013
  • suiSui (SUI) $ 2.33
  • the-open-networkToncoin (TON) $ 2.91
  • litecoinLitecoin (LTC) $ 91.23
  • bitcoin-cashBitcoin Cash (BCH) $ 329.23
  • polkadotPolkadot (DOT) $ 4.20
  • mantra-daoMANTRA (OM) $ 6.27
  • ethena-usdeEthena USDe (USDE) $ 1.00
  • wethWETH (WETH) $ 1,910.61
  • bitget-tokenBitget Token (BGB) $ 4.42
  • binance-bridged-usdt-bnb-smart-chainBinance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 0.998694
  • hyperliquidHyperliquid (HYPE) $ 13.84
  • whitebitWhiteBIT Coin (WBT) $ 28.45
  • wrapped-eethWrapped eETH (WEETH) $ 2,031.52
  • moneroMonero (XMR) $ 210.13
  • uniswapUniswap (UNI) $ 6.03
  • susdssUSDS (SUSDS) $ 1.04
  • daiDai (DAI) $ 0.999672
  • aptosAptos (APT) $ 5.21
  • nearNEAR Protocol (NEAR) $ 2.61
  • pepePepe (PEPE) $ 0.000007
  • okbOKB (OKB) $ 46.10
  • ondo-financeOndo (ONDO) $ 0.873386
  • internet-computerInternet Computer (ICP) $ 5.66
  • ethereum-classicEthereum Classic (ETC) $ 18.03
  • aaveAave (AAVE) $ 173.32
  • gatechain-tokenGate (GT) $ 21.18
  • coinbase-wrapped-btcCoinbase Wrapped BTC (CBBTC) $ 84,304.00
  • mantleMantle (MNT) $ 0.734307
  • official-trumpOfficial Trump (TRUMP) $ 12.28
  • crypto-com-chainCronos (CRO) $ 0.083073
  • tokenize-xchangeTokenize Xchange (TKX) $ 28.10
  • bittensorBittensor (TAO) $ 258.55
  • vechainVeChain (VET) $ 0.024641
  • first-digital-usdFirst Digital USD (FDUSD) $ 0.999683
  • kaspaKaspa (KAS) $ 0.079504
  • celestiaCelestia (TIA) $ 3.51
  • ethenaEthena (ENA) $ 0.353995
  • cosmosCosmos Hub (ATOM) $ 4.24
  • filecoinFilecoin (FIL) $ 2.87
  • polygon-ecosystem-tokenPOL (ex-MATIC) (POL) $ 0.214787
  • fasttokenFasttoken (FTN) $ 3.99
  • algorandAlgorand (ALGO) $ 0.199087
  • sonic-3Sonic (prev. FTM) (S) $ 0.524801
  • lombard-staked-btcLombard Staked BTC (LBTC) $ 84,356.00
  • render-tokenRender (RENDER) $ 3.18
  • arbitrumArbitrum (ARB) $ 0.358688
  • story-2Story (IP) $ 5.83
  • arbitrum-bridged-usdt-arbitrumArbitrum Bridged USDT (Arbitrum) (USDT) $ 1.00
  • jupiter-exchange-solanaJupiter (JUP) $ 0.524918
  • optimismOptimism (OP) $ 0.864905
  • kucoin-sharesKuCoin (KCS) $ 11.10
  • solv-btcSolv Protocol SolvBTC (SOLVBTC) $ 84,017.00
  • fetch-aiArtificial Superintelligence Alliance (FET) $ 0.513220
  • blackrock-usd-institutional-digital-liquidity-fundBlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
  • binance-peg-wethBinance-Peg WETH (WETH) $ 1,907.82
  • movementMovement (MOVE) $ 0.449787
  • kelp-dao-restaked-ethKelp DAO Restaked ETH (RSETH) $ 1,984.96
  • nexoNEXO (NEXO) $ 1.08
  • xdce-crowd-saleXDC Network (XDC) $ 0.068630
  • makerMaker (MKR) $ 1,172.15
  • sei-networkSei (SEI) $ 0.203197
  • dexeDeXe (DEXE) $ 17.35
  • usual-usdUsual USD (USD0) $ 0.997592
  • blockstackStacks (STX) $ 0.641225
  • injective-protocolInjective (INJ) $ 9.94
  • immutable-xImmutable (IMX) $ 0.547491
  • binance-staked-solBinance Staked SOL (BNSOL) $ 138.80
  • worldcoin-wldWorldcoin (WLD) $ 0.867808
  • rocket-pool-ethRocket Pool ETH (RETH) $ 2,144.72
  • flare-networksFlare (FLR) $ 0.015108
  • the-graphThe Graph (GRT) $ 0.094778
  • theta-tokenTheta Network (THETA) $ 0.890220
  • lido-daoLido DAO (LDO) $ 0.953054
  • polygon-bridged-usdt-polygonPolygon Bridged USDT (Polygon) (USDT) $ 0.999914
  • bonkBonk (BONK) $ 0.000011
  • solv-protocol-solvbtc-bbnSolv Protocol SolvBTC.BBN (SOLVBTC.BB) $ 83,881.00
  • paypal-usdPayPal USD (PYUSD) $ 0.999786
  • mantle-staked-etherMantle Staked Ether (METH) $ 2,025.69
  • eosEOS (EOS) $ 0.500347
  • tether-goldTether Gold (XAUT) $ 2,981.73
  • tezosTezos (XTZ) $ 0.704176
  • galaGALA (GALA) $ 0.016519
  • wbnbWrapped BNB (WBNB) $ 590.82
  • binance-bridged-usdc-bnb-smart-chainBinance Bridged USDC (BNB Smart Chain) (USDC) $ 0.998917
  • the-sandboxThe Sandbox (SAND) $ 0.282632
  • bittorrentBitTorrent (BTT) $ 0.00000070
  • stargate-bridged-usdc-berachainStargate Bridged USDC (Berachain) (USDC.E) $ 1.00
  • arbitrum-bridged-wbtc-arbitrum-oneArbitrum Bridged WBTC (Arbitrum One) (WBTC) $ 84,015.00
  • berachain-beraBerachain (BERA) $ 6.24
  • jito-governance-tokenJito (JTO) $ 2.20
  • bitcoin-svBitcoin SV (BSV) $ 33.84
  • iotaIOTA (IOTA) $ 0.181485
  • jasmycoinJasmyCoin (JASMY) $ 0.013680
  • kaiaKaia (KAIA) $ 0.110521
  • msolMarinade Staked SOL (MSOL) $ 169.83
  • pax-goldPAX Gold (PAXG) $ 2,993.64
  • flowFlow (FLOW) $ 0.401827
  • usdx-money-usdxStables Labs USDX (USDX) $ 1.00
  • renzo-restaked-ethRenzo Restaked ETH (EZETH) $ 1,986.81
  • flokiFLOKI (FLOKI) $ 0.000061
  • ethereum-name-serviceEthereum Name Service (ENS) $ 17.09
  • neoNEO (NEO) $ 7.98
  • jupiter-staked-solJupiter Staked SOL (JUPSOL) $ 145.76
  • pyth-networkPyth Network (PYTH) $ 0.149752
  • resolv-usrResolv USR (USR) $ 1.00
  • curve-dao-tokenCurve DAO (CRV) $ 0.410070
  • honey-3Honey (HONEY) $ 0.999641
  • heliumHelium (HNT) $ 2.93
  • beldexBeldex (BDX) $ 0.075598
  • roninRonin (RON) $ 0.836041
  • zcashZcash (ZEC) $ 31.93
  • axie-infinityAxie Infinity (AXS) $ 3.21
  • telcoinTelcoin (TEL) $ 0.005528
  • decentralandDecentraland (MANA) $ 0.272091
  • elrond-erd-2MultiversX (EGLD) $ 18.01
  • dogwifcoindogwifhat (WIF) $ 0.504960
  • kavaKava (KAVA) $ 0.463479
  • true-usdTrueUSD (TUSD) $ 0.999115
  • pumpbtcpumpBTC (PUMPBTC) $ 82,683.00
  • pancakeswap-tokenPancakeSwap (CAKE) $ 1.64
  • starknetStarknet (STRK) $ 0.174585
  • raydiumRaydium (RAY) $ 1.63
  • dydx-chaindYdX (DYDX) $ 0.618131
  • bridged-usdc-polygon-pos-bridgeBridged USDC (Polygon PoS Bridge) (USDC.E) $ 0.999899
  • mantle-restaked-ethMantle Restaked ETH (CMETH) $ 2,025.82
  • binance-peg-dogecoinBinance-Peg Dogecoin (DOGE) $ 0.171316
  • virtual-protocolVirtuals Protocol (VIRTUAL) $ 0.672218
  • chain-2Onyxcoin (XCN) $ 0.013186
  • l2-standard-bridged-weth-baseL2 Standard Bridged WETH (Base) (WETH) $ 1,909.32
  • bitcoin-avalanche-bridged-btc-bAvalanche Bridged BTC (Avalanche) (BTC.B) $ 84,199.00
  • apenftAPENFT (NFT) $ 0.00000043
  • aerodrome-financeAerodrome Finance (AERO) $ 0.533960
  • pudgy-penguinsPudgy Penguins (PENGU) $ 0.006739
  • arbitrum-bridged-weth-arbitrum-oneArbitrum Bridged WETH (Arbitrum One) (WETH) $ 1,911.07
  • arweaveArweave (AR) $ 6.43
  • chilizChiliz (CHZ) $ 0.044212
  • conflux-tokenConflux (CFX) $ 0.083200
  • ecasheCash (XEC) $ 0.000021
  • clbtcclBTC (CLBTC) $ 83,132.00
  • apecoinApeCoin (APE) $ 0.517791
  • grassGrass (GRASS) $ 1.49
  • thorchainTHORChain (RUNE) $ 1.17
  • ousgOUSG (OUSG) $ 110.33
  • coredaoorgCore (CORE) $ 0.408915
  • usdbUSDB (USDB) $ 1.00
  • hashnote-usycHashnote USYC (USYC) $ 1.07
  • lorenzo-stbtcLorenzo stBTC (STBTC) $ 83,367.00
  • ondo-us-dollar-yieldOndo US Dollar Yield (USDY) $ 1.09
  • matic-networkPolygon (MATIC) $ 0.216151
  • infrared-beraInfrared Bera (IBERA) $ 5.62
  • ether-fi-staked-ethether.fi Staked ETH (EETH) $ 1,909.07
  • compound-governance-tokenCompound (COMP) $ 40.95
  • trust-wallet-tokenTrust Wallet (TWT) $ 0.864593
  • olympusOlympus (OHM) $ 21.91
  • fraxFrax (FRAX) $ 0.998542
  • tbtctBTC (TBTC) $ 84,140.00
  • amp-tokenAmp (AMP) $ 0.004170
  • cgeth-hashkey-cloudcgETH Hashkey Cloud (CGETH.HASH) $ 1,961.88
  • pendlePendle (PENDLE) $ 2.12
  • axelarAxelar (AXL) $ 0.366616
  • stakewise-v3-osethStakeWise Staked ETH (OSETH) $ 1,989.34
  • kaitoKAITO (KAITO) $ 1.41
  • terra-lunaTerra Luna Classic (LUNC) $ 0.000062
  • akash-networkAkash Network (AKT) $ 1.34
  • mantle-bridged-usdt-mantleMantle Bridged USDT (Mantle) (USDT) $ 1.00
  • beam-2Beam (BEAM) $ 0.006212
  • spx6900SPX6900 (SPX) $ 0.349223
  • gnosisGnosis (GNO) $ 125.02
  • binance-peg-busdBinance-Peg BUSD (BUSD) $ 1.00
  • based-brettBrett (BRETT) $ 0.031959
  • mina-protocolMina Protocol (MINA) $ 0.258516
  • verus-coinVerus (VRSC) $ 3.93
  • reserve-rights-tokenReserve Rights (RSR) $ 0.005497
  • stakestone-berachain-vault-tokenStakeStone Berachain Vault Token (BERASTONE) $ 1,891.39
  • morphoMorpho (MORPHO) $ 1.29
  • aioz-networkAIOZ Network (AIOZ) $ 0.262757
  • justJUST (JST) $ 0.030179
  • plumePlume (PLUME) $ 0.149405
  • golemGolem (GLM) $ 0.292277

MicroStrategy’s Current Premium Relative to Its Bitcoin Stack Is Unlikely to Last: Steno Research

0 18

MicroStrategy’s Current Premium Relative to Its Bitcoin Stack Is Unlikely to Last: Steno Research

MicroStrategy’s almost 300% premium to its bitcoin holdings is unsustainable, the report said.

The positive effects of the company’s recent stock split are wearing off and the launch of options on spot bitcoin ETFs will also lessen demand, Steno said.

The report noted that during the 2021 crypto bull market MicroStrategy’s premium hovered below 200%.

MicroStrategy’s (MSTR) current premium relative to its bitcoin (BTC) stack is unlikely to last, Steno Research said in a report Friday.

“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.

The software company founded by Michael Saylor carried out a 10-for-1 stock split in August, a move that according to Steno has contributed to the recent rally.

Steno noted that the company’s premium relative to its bitcoin horde has recently surged to almost 300%.

This suggests that the firm’s valuation is “diverging significantly from a straightforward calculation of its asset and and business fundamentals,” the report said.

As regulators become more favorable to bitcoin and crypto in general, investors may choose to hold bitcoin directly instead of MicroStrategy stock, Steno said. If Donald Trump is re-elected this regulatory trend is expected to continue.

Bitcoin is expected to perform strongly this quarter and into 2025, which means that an “even higher buying demand would be required to sustain MicroStrategy’s current premium,” the note said.

MicroStrategy’s existing premium is unsustainable, especially given the fact that during the 2021 crypto bull market it was below 200% for most of the time, the report added.

The stock recently hit a new all-time high, having surged over 240% year-to-date.



Source

Leave A Reply

Your email address will not be published.

Verified by MonsterInsights