Many people only see that $Strategy(MSTR.US) has been continuously buying Bitcoin, but they overlook a rather crucial piece of data:

Currently, Strategy's enterprise value is approximately $62 billion, while the value of the Bitcoin it holds is about $51.4 billion, meaning the market has given it a premium of around $10 billion.

This premium is essentially the "engine" for its continued Bitcoin purchases.

The logic is this:

Strategy's stock price > BTC asset value → The company can issue shares for financing → Buy more BTC

But if this premium disappears one day, the entire model will get stuck.

This happened once before in early February when Strategy's price fell close to its BTC net asset value, and the market briefly doubted whether this model could continue.

So, I now see an interesting game in Strategy:

Bulls: Long-term BTC bull market

Bears: Strategy's premium collapse

I'm actually not very confident in holding this stock for the long term; it's more suitable for cyclical trading.