【Analysis: MSTR's Stock Price Trades At A 256% Premium To Its Bitcoin Holdings, Raising Concerns Of A Possible "Ponzi Scheme" Narrative.】 November 21st, BitMEX Research Posted On Social Media That Currently MicroStrategy's (MSTR) Stock Price Has A Significant Premium Compared To The Value Of Bitcoin It Holds, With A Full Dilution Premium Of About 256%. Part Of The Reason May Be That Some Financial Regulatory Bodies Prohibit People From Buying Bitcoin ETFs. However, Investors Are Very Eager For Bitcoin Exposure, So They Are Willing To Buy MSTR Despite The Premium.Furthermore, MSTR Has A "yield Strategy." As MSTR Trades At A Premium, The Company Can Issue New Shares And Buy More Bitcoin. This Would Then Increase The Amount Of Bitcoin Held Behind Each Share. If The Premium Persists, The Company Can Continue To Issue New Shares.With The Current 256% Premium Rate, Based On This Premium, When Each MSTR Share Actually Represents A Bitcoin Holding Worth $474, MicroStrategy Would Need To Issue 157 Million Shares (currently At 102 Million Shares), Raising $157 Billion, Increasing The Stock Price To $1,685 Per Share, Reaching A Market Cap Of $674 Billion, And Holding 1.9 Million Bitcoins.BitMEX Research Believes That Such Price Performance And Appreciation Model Is A "Ponzi Scheme" And Is Not Reasonable