最新报道：According to Bijie.com, MicroStrategy (MSTR)'s share price premium has decoupled from its historical Bitcoin performance for the first time. These changes occur amidst growing proxy trading for Bitcoin (BTC), with MicroStrategy now the largest corporate holder of the pioneering cryptocurrency. MicroStrategy's divergence from Bitcoin raises questions about the sustainability of Michael Saylor's financial model. Other concerns include whether new entrants into the digital asset treasury (DAT) market are undermining the company's unique role as Wall Street's gateway to Bitcoin. In hindsight, MicroStrategy's ability to accumulate Bitcoin on a massive scale has relied on a simple reflexive mechanism. When its stock trades above its net asset value (mNAV), it can issue shares, raise cash, and purchase BTC accretive to its value. This financial alchemy has been the cornerstone of Saylor's strategy since 2020. However, according to researcher Joseph Ayoub, the emergence of multiple DATs is weakening this flywheel effect. If correct, this would mark a decisive turning point, as MicroStrategy's ability to fund new Bitcoin purchases through equity issuance could be permanently impaired. DATs are equity companies that sell shares to buy digital assets. Since 2020, the digital asset treasury model has surged from approximately $10 billion in NAV to over $100 billion. By comparison, Bitcoin ETFs (exchange-traded funds) now have a market capitalization of approximately $150 billion. DATs attract investors because they provide equity exposure to crypto assets, often at a high premium. Ayoub describes them as modern closed-end funds. Unlike ETFs, most DATs cannot be redeemed for shares in the underlying asset. This makes valuations tied to market sentiment rather than a direct redemption mechanism. This dynamic is reminiscent of the Grayscale Bitcoin Trust (GBTC), which traded at a significant premium before plummeting to a 50% discount during the 2022 bear market. Nic Carter of Castle Island Ventures pointed out the historical parallels. Citing an article in Be Water, he compared today's DAT boom to the investment trust craze of the 1920s and cited numerous similarities. The declining premium comes as Saylor faces increasing scrutiny over MicroStrategy's concentrated exposure to Bitcoin. As previously reported by BeInCrypto, some investors believe the company's recent updates have amplified Bitcoin's volatility. This would expose stockholders to risks more similar to those of a leveraged ETF than a traditional software company. If MSTR continues to trade at a discount, there will be consequences. Shareholder lawsuits could demand redemptions at a price closer to NAV. Regulators could reclassify MicroStrategy as an investment company, drawing on precedents such as Tonopah Mining in the 1940s and the GBTC saga in 2021. This move would impose stricter rules or force structural changes. Against this backdrop, Ayoub warned that equity-funded Bitcoin treasuries are reaching a saturation point. Data from the Bitcoin treasury shows that MicroStrategy holds nearly 630,000 BTC, with manageable debt levels. However, the decoupling of its premium could indicate that its once-virtuous cycle is breaking down. If so, the company that has transformed its corporate Bitcoin strategy into financial alchemy may be facing its toughest test from the erosion of its unique advantages rather than the bear market.