MicroStrategy (MSTR), once regarded as a typical representative of the internet bubble, has now become a major &#34;epic spectacle&#34; in the capital market.Today, the company is the largest corporate holder of Bitcoin globally, owning nearly 2% of the world's Bitcoin reserves.However, the company seemed &#34;less than glorious&#34; over twenty years ago. In 2000, as the company admitted to inflating financial data, its stock price plummeted from $333 to $0.42, and it faced an investigation by the U.S. Securities and Exchange Commission, ultimately paying hefty fines.Today, MicroStrategy's shareholders once again face a paradoxical situation. The company has reaped enormous returns from the surge in Bitcoin, but how long can this model, which relies on the continuous rise in Bitcoin prices, be sustained?<h2>The &#34;Never Satisfied&#34; Bitcoin Acquirer</h2>Twenty years ago, MicroStrategy was originally a software company. With Super Bowl advertisements and soaring stock prices, it once became the darling of the capital market. MicroStrategy co-founder Michael Saylor boldly proclaimed:<blockquote>&#34;Our software will become ubiquitous and indispensable; if it stops working, it will cause chaos.&#34;</blockquote>However, in 2000, as the company admitted to inflating financial data, its stock price fell from $333 to $0.42, and it faced an investigation by the U.S. Securities and Exchange Commission (SEC). Saylor and two colleagues later reached a settlement with the SEC, paying hefty fines and illegal gains, although the two did not admit to the charges.Since August 2020, MicroStrategy has &#34;transformed&#34; into the largest corporate holder of Bitcoin globally, with its stock price soaring approximately 28 times. Over the past two years, MicroStrategy has raised funds through continuous stock issuances and convertible bonds to purchase Bitcoin. To date, the company owns nearly 2% of the world's Bitcoin reserves.According to the company's latest announced &#34;21/21 plan,&#34; MicroStrategy plans to raise $42 billion, half of which will come from stock sales and the other half from debt financing, to continue increasing its Bitcoin investments. Saylor previously boldly predicted that Bitcoin would rise to $13 million by 2045.Although MicroStrategy's core business—software sales—has encountered financial difficulties and is gradually shrinking, the company's stock price has still risen over 450%. Its market capitalization once soared to $90 billion, with nearly $37 billion coming from the value of its Bitcoin reserves.MicroStrategy is no longer just a software company but a &#34;never satisfied&#34; Bitcoin acquirer.Today, MicroStrategy's shareholders once again face a paradoxical situation. The company has reaped enormous returns from the surge in Bitcoin, but how long can this model, which relies on the continuous rise in Bitcoin prices, be sustained?If the price of Bitcoin experiences significant fluctuations, or if U.S. regulators reassess the legal status of Bitcoin, MicroStrategy's stock price and capital structure will be greatly impacted.

MSTR

Despite the financial difficulties and gradual decline of MicroStrategy's core business—software sales—the company's stock price has still risen by over 450%. Its market capitalization once soared to $90 billion, with nearly $37 billion coming from the value of its Bitcoin reserves

- MicroStrategy, once a typical example of the internet bubble, has transformed into a major player in the capital markets, now holding nearly 2% of the world's Bitcoin reserves.  
- Despite its significant returns from Bitcoin investments, the company faces uncertainty regarding the sustainability of its reliance on rising Bitcoin prices, especially given its core software business is struggling.  
- If Bitcoin prices fluctuate significantly or if U.S. regulators reassess Bitcoin's legal status, MicroStrategy's stock and capital structure could face substantial challenges.

The "epic spectacle" of the capital market: MSTR, which plummeted from 333 to 0.42 25 years ago