MicroStrategy’s stock price seems to roughly parallel the price of Bitcoin during this bull market. They are not a simple leveraged Bitcoin fund, but something more complicated where the founder’s personality plays a big role. So I guess the market doesn’t quite know how to value this admittedly unique approach, and it defaults to just following Bitcoin on the upside. Who knows what happens if there’s a crash.
> something more complicated where the founder's personality plays a big role
Not to pretend that other leveraged funds founder's are equally known as saylor, but how do all other funds differentiate themselves? Is it the same to through money at one vs another?
MicroStrategy is publicly listed, which is kind of special. I don’t think there’s a lot of celebrity investor hedge funds that are public.
Bill Ackman’s Pershing Square is listed in London and trades at a substantial discount to net asset value (something like 30%). Maybe that’s an indication that markets find it hard to value these vehicles.
