The "Coin-Stock" Craze of 2025: Madness, Premiums, and Risks

In the summer of 2025, crypto stocks became the true protagonists of the capital market. Bitcoin prices soared, but the stock price increase of publicly listed companies strategically holding coins was even more astonishing. Represented by MicroStrategy(, the market capitalization of these companies far exceeded the net value of their held crypto assets, leading to heated discussions and speculation in the market.

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The Truth About "Strategic Holding Coins" in US Stocks

The mNAV) market net asset value( premium has become a key indicator for measuring such companies. MicroStrategy's mNAV premium has fluctuated between 1.0 and 2.0 times for a long time, and it even surpassed 3 times by the end of 2024. This premium reflects the market's expectations for the company's future financing capability and development potential.

For traders, the fluctuation of mNAV premiums provides arbitrage opportunities. Some adopt a "long BTC, short MSTR" strategy to achieve stable returns through options combinations. Others adjust their long and short positions based on the high and low of the premium range.

Institutional investors are more concerned about the arbitrage opportunities in convertible bonds. MicroStrategy frequently issues new shares and convertible bonds, providing abundant targets for arbitrage funds. Through a "Delta neutral, Gamma long" strategy, these funds can continue to profit amid significant volatility.

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Can you short MicroStrategy?

Despite shorting MicroStrategy becoming a choice for some traders, the risks remain high. The company frequently issues new shares, diluting the stock price, while continuously buying Bitcoin, making the stock price movement difficult to predict. Some traders indicate that if they were to short, they would choose a limited-risk options strategy rather than directly shorting the stock.

Currently, there are also leveraged ETF products for shorting micro strategies in the market, but they are mainly suitable for short-term trading or hedging, and not suitable for long-term holding.

As for extreme short squeeze situations similar to GameStop, they are unlikely to occur in a company with such a large market capitalization like MicroStrategy. However, some small-cap and less liquid "coin stocks" may carry short squeeze risks, such as SBET, SRM, etc.

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The Future of "Coin Stocks"

Industry insiders believe that only large companies like MicroStrategy, which have the ability to continuously finance and expand, can obtain high market premiums. It is difficult for newly listed, small players with limited scale to replicate this valuation model.

Different regions have varying attitudes towards "coin stock". Japan has seen successful cases like Metaplanet due to more favorable tax policies, while markets like Hong Kong are relatively conservative.

Overall, companies of this type tend to create positive feedback during bull markets, but the risks are enormous during bear markets. Investors need to carefully assess factors such as the company's asset structure and main business, rather than blindly chasing concepts.

Regardless of how the market changes, Bitcoin's position as a core asset remains difficult to shake. The rise and fall of "coin stocks" ultimately returns to the value and prospects of the crypto assets themselves.

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