Opinion: Strategy stocks are the "counterfeit currency" of traditional finance

Jeff Park, the head of Alpha Strategy at Bitwise Asset Management, believes that the trend of Strategy (MSTR) stock is more like an "altcoin" accessible to traditional financial (TradFi) investors rather than a direct substitute for Bitcoin. He pointed out that the volatility of Strategy stocks differs from Bitcoin, with returns on some trading days even far exceeding Bitcoin. He believes this makes Strategy's performance in the crypto market more akin to altcoins, providing a indirect channel for traditional financial investors to invest in cryptocurrencies. In addition, because some retail investors cannot purchase spot Bitcoin ETFs but can buy Strategy stocks, it still has appeal in the market. Although Strategy's stock has retreated from its previous sharp rise recently, it has still risen 75% over the past year. As the company holds a large amount of Bitcoin, many traders have long regarded it as an alternative trading tool for Bitcoin. Over the past five years, Strategy's stock price has risen by 2,500%, compared with about 1,500% increase for Bitcoin during same period.