MicroStrategy Goes All In on Bitcoin Despite New Crypto Competition

MicroStrategy owns over 1% of all Bitcoin in circulation, with no signs of stopping further purchases
MicroStrategy was previously viewed as a "proxy stock" for Bitcoin, but new crypto ETFs erode this effect
MicroStrategy trades at a premium to the market value of its Bitcoin holdings, suggesting investors expect further major price increases
The company is taking on debt to finance additional Bitcoin purchases even near all-time high prices
With crypto ETFs now available, MicroStrategy may be overexposed and overvalued relative to simply holding Bitcoin