Am I understanding something wrong? I had also discussions in the Spanish forum about a related issue.
Yes it's wrong the basis of your reasoning.
My understanding is: Strategy is benefitting currently that it caters to a market of -- primarily institutional -- investors who want exposure to Bitcoin but has no other means to invest in it as they need fixed-income financial products. This market has limited demand, as all other potential investors can get exposure cheaper by 1) buying BTC, or 2) even by buying ETFs and leveraged ETF products.
MicroStrategy Incorporated (MSTR) has 1,474 institutional owners and shareholders who have filed 13D/G or 13F forms with the SEC, holding a total of 122,246,962 shares. These institutions represent 30.76% of the company's stock.
The statement is provided by Gemini using
this article as source.
If this market now gets a new player, assuming the demand for these financial products stays the same,
Wrong assumption again. Why should it stay the same? Has the bitcoin demand stated the same over the years?
A pleasure to debate with you even though we often have conflicting opinions, but starting from two premises that in my opinion are incorrect I will not comment further on what you have said.
What I was coming to comment is the embarrassment I felt for the first time when I saw Mallers presenting XXI.
Jack Mallers Launches XXI, A Strategy Competitor (Full Video Announcement Included) At the beginning of the video he kept repeating the concept of Bitcoin per Share, which he has not invented but seems to want to attribute and more towards the end he repeated dozens of times the word bitcoin, in a more tiresome way that I have not even seen the last minutes.
I was considering buying some shares of XXI Capital, depending on the price and to diversify what I have of MSTR but if it is for that presentation I do not buy any. Now everything is going to depend on the price when it is available to the public and the premium over NAV.
Nice summary Their Bitcoin-per-Share and Bitcoin Return Rate metrics mirror MicroStrategy but come with a SPAC discount. I’d love to see more public firms adopt this model. As each new buyer tightens liquid supply, it will help fuel the next bull run
The problem with this is that they want to claim the concept of BPS, which is false. The BRR I believe is new. And as I've said before, I highly doubt the discounted stock is available to the general public. In the OP (edited) I think that is implied with the PIPE offering.