Is MicroStrategy Stock Better than a Spot Bitcoin ETF?
TD Cowen analysts say MicroStrategy stock’s premium over BTC will compress but not disappear as spot Bitcoin funds come online.

TD Cowen analysts say MicroStrategy stock’s premium over BTC will compress but not disappear as spot Bitcoin funds come online.
After many reversals and mistakes, the Bitcoin Spot ETF was finally approved by the U.S. Securities and Exchange Commission.
On December 22, the official website of the Hong Kong Securities and Futures Commission announced the "Circular on Funds Involving Virtual Assets Recognized by the SFC", replacing the "Circular on Virtual Asset Futures Exchange Traded Funds" issued on October 31, 2022.
The Purpose Bitcoin ETF has increased its holdings of Bitcoin over the past five days, a positive sign that buyers are buying on dips.
The ProShares Bitcoin ETF broke an 18-year record as the fastest fund to reach $1 billion in assets under management.
The regulator said it would be appropriate to “specify a longer period” of approval or disapproval of the proposed bitcoin ETF.
The asset manager said it would buy “exchange-traded protective puts” and sell “exchange-traded calls on bitcoin futures and/or bitcoin-related ETFs.”
The asset manager said it would purchase “exchange-traded protective put options” and write “exchange-traded call options on Bitcoin futures and/or a Bitcoin related ETF or ETFs.”