The Steno Research report notes that MicroStrategy's bitcoin holdings are trading at a premium of nearly 300 percent, but it is difficult to sustain. Analyst Mads Eberhardt said that MicroStrategy's recent stock split effect is waning, while the launch of U.S. spot bitcoin ETF options will reduce investor demand for the company's stock. Additionally, the report mentions that the company's premium has mostly stayed below 200 percent during the crypto bull market of 2021. With regulatory environments becoming increasingly friendly towards bitcoin and cryptocurrencies, investors may be more inclined to hold bitcoin outright rather than MicroStrategy stock.