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I think an ultimate valuation consideration for the premium is what will the largest bitcoin bank in the world be worth in 20 years when they can generate yield thru lending or providing liquidity to emerging btc use cases
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That's fair as a projected idea, but discounted back to present value and probability-adjusted? No way that explains 90% premium
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Another way to frame it. How many companies trade at a multiple to their assets
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I'm taking the figures from here.
https://strategytracker.com/mstr?charts=nav-multiplier%2Cperformance-comparison%2Cbitcoin-price%2Cnav-premium%2Creserve-chart&timeRange=year
Plenty of those comparison sites around
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I never crunched the numbers myself, so I'll take the 1.9x at face value.
But even so, there is no way that security risk can explain the 90% premium. Is it better to think of MSTR as a leveraged bet on the price movement of bitcoin? Someone needs to work the math out for me.