Billionaire Michael Saylor, executive chairman of Strategy, has once again taken to X (formerly Twitter) to explain why shares of $MSTR trade at a premium to Bitcoin’s net asset value (NAV). In his post , Saylor attributed this advantage to four key factors: Credit Amplification, Options Advantage, Passive Flows, and Superior Institutional Access—benefits that equity and credit instruments offer over commodity assets like Bitcoin. $MSTR trades at a premium to Bitcoin NAV due to Credit Amplification, an Options Advantage, Passive Flows, and superior Institutional Access that equity and credit instruments provide compared to commodities. pic.twitter.com/AYQlytS4ID — Michael Saylor (@saylor) August 13, 2025 Credit Amplification: Leveraging to Maximize Bitcoin Exposure Strategy uses intelligent leverage to achieve 2x–4x amplification of Bitcoin exposure. This level of credit-based positioning is unavailable for spot Bitcoin exchange-traded products (ETPs) or direct Bitcoin holdings. By strategically tapping into credit markets, MSTR can enhance returns when Bitcoin’s price rises, effectively multiplying the impact of favorable market moves. This approach, however, also increases risk in downturns, reflecting the high-conviction nature of Saylor’s long-term Bitcoin bet . Options Advantage: Deeper and More Liquid Derivatives Markets Another differentiator is Strategy’s $100 billion+ in open interest within the options market. In comparison, spot Bitcoin ETPs have around $30 billion, while CME Bitcoin futures sit at roughly $20 billion in open interest. This liquidity and market depth give MSTR more flexibility for institutional traders and hedgers, making it a more dynamic vehicle for large-scale strategic plays than Bitcoin itself. Passive Flows: Index Inclusion Drives Steady Capital Unlike Bitcoin or its ETPs, Strategy benefits from passive flows due to its inclusion in major equity indices such as the NASDAQ 100, MSCI, and Russell 1000. This means that as investors pour money into index funds and ETFs tracking these benchmarks, a portion of that capital automatically flows into MSTR shares. This consistent demand adds a structural tailwind to MSTR’s market performance, further widening the premium over Bitcoin’s NAV. Institutional Access: Bigger Capital Pools Than Bitcoin Institutional access is where MSTR’s advantage is perhaps most pronounced. The company’s equity and credit profile provides access to an estimated $35 trillion in equity and $60 trillion in credit markets. By contrast, spot Bitcoin ETPs tap into about $700 billion in private capital, and physical Bitcoin is limited to less than $150 billion. This broader institutional reach gives MSTR more avenues to attract capital, execute financing strategies, and scale exposure. Saylor’s post reinforces his core message: Strategy isn’t just a Bitcoin proxy—it’s a leveraged, institutionally integrated vehicle that combines the advantages of traditional equity markets with a laser-focused Bitcoin strategy. For investors seeking amplified Bitcoin exposure with deep market infrastructure, Saylor argues, $MSTR offers a unique edge.Billionaire Michael Saylor, executive chairman of Strategy, has once again taken to X (formerly Twitter) to explain why shares of $MSTR trade at a premium to Bitcoin’s net asset value (NAV). In his post , Saylor attributed this advantage to four key factors: Credit Amplification, Options Advantage, Passive Flows, and Superior Institutional Access—benefits that equity and credit instruments offer over commodity assets like Bitcoin. $MSTR trades at a premium to Bitcoin NAV due to Credit Amplification, an Options Advantage, Passive Flows, and superior Institutional Access that equity and credit instruments provide compared to commodities. pic.twitter.com/AYQlytS4ID — Michael Saylor (@saylor) August 13, 2025 Credit Amplification: Leveraging to Maximize Bitcoin Exposure Strategy uses intelligent leverage to achieve 2x–4x amplification of Bitcoin exposure. This level of credit-based positioning is unavailable for spot Bitcoin exchange-traded products (ETPs) or direct Bitcoin holdings. By strategically tapping into credit markets, MSTR can enhance returns when Bitcoin’s price rises, effectively multiplying the impact of favorable market moves. This approach, however, also increases risk in downturns, reflecting the high-conviction nature of Saylor’s long-term Bitcoin bet . Options Advantage: Deeper and More Liquid Derivatives Markets Another differentiator is Strategy’s $100 billion+ in open interest within the options market. In comparison, spot Bitcoin ETPs have around $30 billion, while CME Bitcoin futures sit at roughly $20 billion in open interest. This liquidity and market depth give MSTR more flexibility for institutional traders and hedgers, making it a more dynamic vehicle for large-scale strategic plays than Bitcoin itself. Passive Flows: Index Inclusion Drives Steady Capital Unlike Bitcoin or its ETPs, Strategy benefits from passive flows due to its inclusion in major equity indices such as the NASDAQ 100, MSCI, and Russell 1000. This means that as investors pour money into index funds and ETFs tracking these benchmarks, a portion of that capital automatically flows into MSTR shares. This consistent demand adds a structural tailwind to MSTR’s market performance, further widening the premium over Bitcoin’s NAV. Institutional Access: Bigger Capital Pools Than Bitcoin Institutional access is where MSTR’s advantage is perhaps most pronounced. The company’s equity and credit profile provides access to an estimated $35 trillion in equity and $60 trillion in credit markets. By contrast, spot Bitcoin ETPs tap into about $700 billion in private capital, and physical Bitcoin is limited to less than $150 billion. This broader institutional reach gives MSTR more avenues to attract capital, execute financing strategies, and scale exposure. Saylor’s post reinforces his core message: Strategy isn’t just a Bitcoin proxy—it’s a leveraged, institutionally integrated vehicle that combines the advantages of traditional equity markets with a laser-focused Bitcoin strategy. For investors seeking amplified Bitcoin exposure with deep market infrastructure, Saylor argues, $MSTR offers a unique edge.
Why Billionaire Michael Saylor’s Strategy Outperforms Bitcoin – Here’s What You Need to Know
3 min read
Billionaire Michael Saylor, executive chairman of Strategy, has once again taken to X (formerly Twitter) to explain why shares of $MSTR trade at a premium to Bitcoin’s net asset value (NAV).
In his post, Saylor attributed this advantage to four key factors: Credit Amplification, Options Advantage, Passive Flows, and Superior Institutional Access—benefits that equity and credit instruments offer over commodity assets like Bitcoin.
Credit Amplification: Leveraging to Maximize Bitcoin Exposure
Strategy uses intelligent leverage to achieve 2x–4x amplification of Bitcoin exposure. This level of credit-based positioning is unavailable for spot Bitcoin exchange-traded products (ETPs) or direct Bitcoin holdings.
By strategically tapping into credit markets, MSTR can enhance returns when Bitcoin’s price rises, effectively multiplying the impact of favorable market moves. This approach, however, also increases risk in downturns, reflecting the high-conviction nature of Saylor’s long-term Bitcoin bet.
Options Advantage: Deeper and More Liquid Derivatives Markets
Another differentiator is Strategy’s $100 billion+ in open interest within the options market. In comparison, spot Bitcoin ETPs have around $30 billion, while CME Bitcoin futures sit at roughly $20 billion in open interest.
This liquidity and market depth give MSTR more flexibility for institutional traders and hedgers, making it a more dynamic vehicle for large-scale strategic plays than Bitcoin itself.
Passive Flows: Index Inclusion Drives Steady Capital
Unlike Bitcoin or its ETPs, Strategy benefits from passive flows due to its inclusion in major equity indices such as the NASDAQ 100, MSCI, and Russell 1000.
This means that as investors pour money into index funds and ETFs tracking these benchmarks, a portion of that capital automatically flows into MSTR shares. This consistent demand adds a structural tailwind to MSTR’s market performance, further widening the premium over Bitcoin’s NAV.
Institutional Access: Bigger Capital Pools Than Bitcoin
Institutional access is where MSTR’s advantage is perhaps most pronounced. The company’s equity and credit profile provides access to an estimated $35 trillion in equity and $60 trillion in credit markets.
By contrast, spot Bitcoin ETPs tap into about $700 billion in private capital, and physical Bitcoin is limited to less than $150 billion. This broader institutional reach gives MSTR more avenues to attract capital, execute financing strategies, and scale exposure.
Saylor’s post reinforces his core message: Strategy isn’t just a Bitcoin proxy—it’s a leveraged, institutionally integrated vehicle that combines the advantages of traditional equity markets with a laser-focused Bitcoin strategy. For investors seeking amplified Bitcoin exposure with deep market infrastructure, Saylor argues, $MSTR offers a unique edge.
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Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.
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Ethereum Fusaka Upgrade Set for December 3 Mainnet Launch, Blob Capacity to Double
Ethereum developers confirmed the Fusaka upgrade will activate on mainnet on December 3, 2025, following a systematic testnet rollout beginning on October 1 on Holesky.
The major hard fork will implement around 11-12 Ethereum Improvement Proposals targeting scalability, node efficiency, and data availability improvements without adding new user-facing features.
According to Christine Kim, the upgrade introduces a phased blob capacity expansion through Blob Parameter Only forks occurring two weeks after Fusaka activation.
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Fusaka prioritizes backend protocol improvements over user-facing features, focusing on making Ethereum faster and less resource-intensive.
The upgrade includes PeerDAS implementation through EIP-7594, allowing validator nodes to verify data by sampling small pieces rather than downloading entire blobs.
This reduces bandwidth and storage requirements while enhancing Layer 2 rollup scalability.
The upgrade builds on recent gas limit increases from 30 million to 45 million gas, with ongoing discussions for further expansion.
EIP-7935 proposes increasing limits to 150 million gas, potentially enabling significantly higher transaction throughput.
These improvements complement broader scalability efforts, including EIP-9698, which suggests a 100x gas limit increase over two years to reach 2,000 transactions per second.
Fusaka removes the previously planned EVM Object Format redesign to reduce complexity while maintaining focus on essential infrastructure improvements.
The upgrade introduces bounded base fees for blob transactions via EIP-7918, creating more predictable transaction costs for data-heavy applications.
Enhanced spam resistance and security improvements strengthen network resilience against scalability bottlenecks and attacks.
Technical Implementation and Testing Timeline
The Fusaka rollout follows a conservative four-phase approach across Ethereum testnets before mainnet deployment.
Holesky upgrade occurs October 1, followed by Sepolia on October 14 and Hoodi on October 28.
Each testnet will undergo the complete BPO fork sequence to validate the blob capacity expansion mechanism.
BPO forks activate automatically based on predetermined epochs rather than requiring separate hard fork processes.
On mainnet, the first BPO fork launches December 17, increasing blob capacity to 10/15 target/max.
The second BPO fork activates January 7, 2026, reaching the final capacity of 14/21 blobs. This automated approach enables flexible blob scaling without requiring full network upgrades.
Notably, node operators face release deadlines ranging from September 25 for Holesky to November 3 for mainnet preparation.
The staggered timeline, according to the developers, allows comprehensive testing while giving infrastructure providers sufficient preparation time.
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PeerDAS implementation reduces node resource demands, potentially increasing network decentralization by lowering barriers for smaller operators.
The technology enables more efficient data availability sampling, crucial for supporting growing Layer 2 rollup adoption.
Overall, these improvements, combined with increased gas limits, will enable Ethereum to handle higher transaction volumes while maintaining security guarantees.
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The Fusaka upgrade addresses mounting pressure for Ethereum base layer improvements amid criticism of Layer 2 fragmentation strategies.
Critics argue that reliance on rollups has created isolated chains with limited interoperability, complicating user experiences.
The upgrade’s focus on infrastructure improvements aims to enhance base layer capacity while supporting continued Layer 2 growth.
The recent validator queue controversy particularly highlights ongoing network scalability challenges.
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The upgrade coincides with growing institutional interest in Ethereum infrastructure, with VanEck predicting that Layer 2 networks could reach $1 trillion market capitalization within six years.
Fusaka’s emphasis on data availability and node efficiency supports Ethereum’s evolution toward seamless cross-chain interoperability.
The upgrade complements initiatives like the Open Intents Framework, where Coinbase Payments recently joined as a core contributor. The initiative, if successful, will address the $21B surge in cross-chain crime.
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