币界网报道:MicroStrategy's high-yield Bitcoin ETF play is drawing scrutiny as analysts warn of potential risks. The company's aggressive BTC accumulation strategy, now holding over 152,800 BTC worth $8 billion, relies heavily on convertible note offerings that could dilute shareholder value. While MicroStrategy's stock has surged 500% in 2023, outperforming Bitcoin's 160% gain, experts caution that its premium valuation and debt-fueled Bitcoin purchases make it a volatile bet. The firm's unique position as a leveraged Bitcoin proxy faces challenges if crypto markets turn bearish or if spot Bitcoin ETFs gain wider adoption.