Markus Thielen, founder of 10x Research, pointed out in the report that MicroStrategy (MSTR) shares climbed to $190 for the first time since the end of March, closing up 5.5%. As the largest bitcoin listed company, MicroStrategy holds nearly $16 billion in bitcoin assets. Thielen mentioned that if the stock price exceeds $180, hedge funds with short positions of $4.60 billion may face pressure to cover their positions. In addition, strong bond demand may prompt MicroStrategy to raise more funds to buy bitcoin. He said that the strategy of borrowing to buy coins is reasonable, and the rise in the stock price may create a positive feedback loop, further pushing up the bitcoin price.