Valuation Premium Compresses

25%its chance, of the story’s futures

0.0%on the S&P 500, if it happens

Some investors discount the record net income because it is driven mainly by bitcoin mark-to-market gains rather than operating software performance. The stock underperforms bitcoin as traders focus on dilution, financing costs and the gap between market value and bitcoin net asset value.

What it moves

Bitcoin▼ down

Sectors in percent; other series by direction only.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.

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