#MicroStrategy's Inverse Movement

BTC has reached new highs despite high interest rates, while the microstrategy MSTR, which is usually considered to be leveraged 2-3 times long on BTC, has shown an inverse movement. Perhaps the market still perceives MSTR's financing costs as too high; for example, with a perpetual bond at a high coupon rate of 9%, the actual interest rate is around 5-6%, which is higher than T-Bond. Additionally, MSTR often finances through high-level stock splits, and the operation of going long on BTC while shorting MSTR only has theoretical opportunities for realization. The inflow of funds into MSTR in the US stock market is largely due to structural reasons; it is not that investors do not want to buy spot but that they simply cannot do so.

In summary, BTC spot has become the shortcut to the main path.