Michael Saylor, CEO of MicroStrategy, has unveiled the key drivers behind the company’s strong stock performance tied to its Bitcoin holdings. While Bitcoin prices soar, Microstrategy’s stock has consistently traded at a significant premium to the cryptocurrency’s value. 628,946 BTC held by MicroStrategy are worth around $75.82 billion today, with an average purchase price of $73,288 per coin – representing over 64% growth since their initial acquisition in August 2020 and accounting for nearly 68% of the company’s $112 billion market capitalization. However, this stock performance is defying expectations. $MSTR, a publicly traded Bitcoin investment firm, trades at a premium to its underlying Bitcoin NAV, which is often not reflected in spot price movements. This gap arises from unique factors including credit amplification, deep options markets, and access to lucrative equity and credit instruments that are unavailable to Bitcoin holders directly.