MicroStrategy, rebranded as Strategy, is experiencing a pivotal phase as its net asset value premium nears parity with Bitcoin’s price, eliminating the earlier valuation advantage. This shift challenges the company's ability to fund Bitcoin accumulation through issuing equity and preferred stock, raising questions about the sustainability of its leveraged Bitcoin strategy. Despite accounting losses and market skepticism, some investors see the current premium level as an attractive entry point, betting on Strategy's evolving role as a yield-generating Bitcoin accumulator.

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