MicroStrategy has plummeted 44% from its high! 10x Research: The leveraged BTC narrative dissipates, three key decisions determine BTC's trend this year

The dominant holder of BTC among US-listed companies, MicroStrategy, has seen its stock price fall by 44% from its peak in November last year, according to the latest report from 10x Research. Investors are no longer easily accepting MicroStrategy as an informal narrative for ‘leveraged BTC investment vehicles.’ Despite its continued large purchases of BTC, the recent poor performance of its stock price indicates that investors are no longer willing to pay the implied price of up to $200,000 (or more) for BTC through the company, as the direct cost of purchasing BTC is much lower.