As a blockchain analyst with seven years in DeFi markets, I’ve seen how MSTR isn’t just a stock—it’s a bet on sustained Bitcoin accumulation. At a 75% premium to its NAV, MSTR reflects more than asset value; it’s a leveraged exposure to Bitcoin’s long-term narrative. This isn’t speculation—it’s strategic capital allocation by firms who understand that transparency, not hype, drives valuation. Here’s why the market pays for this溢价—and what happens when it vanishes.