I have written about it before, and now I will briefly talk about it.
First, MSTR itself is a U.S. stock, and it is supported by performance. Although its main performance is buying #BTC, it is also performance after all, so $MSTR is essentially driven by financial reports.
Second, although everyone knows that MSTR buys BTC, how many people know that MSTR actually has no leverage at all, and the funds obtained through loans are very small, accounting for less than 10%. To be honest, Michael Saylor once said that the BTC held by MSTR would only be liquidated if the price of BTC reached more than $700. And even at this price, MicroStrategy can repay through financial means, so in fact, MSTR's BTC has no risk of liquidation.
Third, MSTR actually still has its own software business. Although it is not very profitable, the business is still growing. Yes, many friends don’t know it, but it does exist, and this is also one of their revenue sources.
Fourth, although MSTR is the "BTC" in the U.S. stock market, the holding cost of MSTR is low, which is something that many people have not considered. It is equivalent to the cost of buying BTC now being 60,000, while the cost of buying BTC with MSTR is 40,000. How can you compare?
Fifth, MSTR's main performance support is through the rise in BTC prices. Mining companies that are also listed on the cryptocurrency circle are very sensitive to the price of BTC. Their profits are achieved through holding and selling BTC. More importantly, mining companies need to constantly buy machines, electricity, and expand areas to increase profits. To put it bluntly, they have to rely on piling up money, and are greatly affected by policies and seasons. However, MSTR sells stocks and buys BTC. Its business is pure and simple, without any complexity.
Sixth, after passing the spot ETF and FASB, BTC can be included in financial statistics as a standard investment asset. For MSTR, the best return is the rise in BTC prices. After all, buying BTC every quarter is low-cost. Therefore, as long as the price of BTC continues to rise and MSTR continues to buy, it is a good thing. Although these profits cannot be directly reflected in the stock market, they will have very strong predictability, which cannot be replaced by other "BTC".
So it doesn’t mean that MSTR is BTC with leverage, but that MSTR is BTC that is always halved and will not be liquidated. This is why MSTR’s growth rate exceeds that of BTC. Of course, what I wrote may not be complete, but the difference should not be big.
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