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Bitcoin up, MicroStrategy down over past 30 days MicroStrategy (MSTR) traders returned from their holiday break to disappointing returns on their leveraged bitcoin (BTC) stock. Over the past month, BTC has rallied 3% while MicroStrategy has declined 12%. This is despite founder Michael Saylor’s boasts of a 74.3% “bitcoin yield” for shareholders on a dilution-adjusted basis for the 2024 fiscal year. This includes his recent addition of 1,070 BTC to the company’s stack. As MicroStrategy’s tiny software business has declined to a de minimis portion of its market capitalization, investors value the firm based almost entirely on its BTC holdings. As of publication time, the company holds $45 billion worth of BTC but its market cap is $88 billion — 93% higher. Investors call this 1.93X multiplier MicroStrategy’s “Net Asset Value premium,” “NAV multiple,” or simply “mNAV.” Despite the generous premium, this multiple...

Join Our Telegram channel to stay up to date on breaking news coverage Canadian umbrella financial regulator, the CSA (Canadian Securities Administrators) recently decided to create a new set of rules for crypto exchanges operating in the country, according to two unnamed sources familiar with the matter. Among the new changes is apparently the rule that all crypto trading platforms that wish to operate in the country must be registered, and everyone seeking registration must sign undertakings to comply with investor protections. The CSA (Canadian Securities Administrators) declined to reveal any details, saying it would do so "in the near future.” — DustyBC Crypto (@TheDustyBC) February 17, 2023 However, this is not the end of it, as the rules will also severely affect retail investors who wish to trade crypto currencies using leveraged bets. The CSA plan is to increase its oversight of crypto exchanges that operate in Canada. This will mean tighter rules whi...