Looking for next “MicroStrategy” in Nasdaq and NYSE is simply retarded , as the new clone will simply be high-leverage plays without real organic demand. Fixed-income investors in the U.S. already have exposure to MicroStrategy, which offers sufficient yield. It’s unlikely for them to take on higher-risk alternatives.

If these new clones can’t continuously secure fresh capital to fund future Bitcoin purchases, there’s no reason for them to trade at an mNAV premium. In the best-case scenario, most will trade slightly above 1x like $MARA does now or more likely, at a discount. Rekt.