MicroStrategy’s Bitcoin premium has become the new standard, says BTIG.

“The premium is underpinned by the desire for exposure to Bitcoin by investors who may not be able to invest directly in Bitcoin or exchange-traded funds (ETFs), while also being able to gradually raise capital to purchase additional Bitcoin for shareholders. It is backed by the capabilities of MSTR. ”wrote the author. The report noted that the company’s capital markets activities now give it greater exposure to Bitcoin per share. MicroStrategy is expected to benefit from Bitcoin catalysts next year, such as the halving event expected to take place later this month, BTIG said. that much Cheapest for 4 yearsg is when miner rewards are cut by 50%, reducing Bitcoin supply growth. stocks of software companies down 14% This comes after Kerrisdale Capital, a prominent short-seller, published a report last Thursday showing that it was shorting the stock while betting long on Bitcoin. The Kerrisdale report pointed out that the Bitcoin price implied by MicroStrategy’s current stock price is $177,000, which is 2.5 times the cryptocurrency’s spot price. None of the reasons cited for the relative attractiveness of the stock could “justify paying more than twice as much for the same coin,” the report added. Kerrisdale isn’t the only stock investor selling MicroStrategy stock. Total short interest in cryptocurrency stocks is $10.7 billion, with MicroStrategy and Coinbase (COIN) accounting for 84% of the bearish bets, according to a recent report from S3 Partners. Read more: Crypto stocks like MicroStrategy and Coinbase could soar as short sellers exit.