Tom Lee: The rise in stock prices of encryption companies, is it due to the rise in coin prices or the success of reserve strategies?

Author: Thomas (Tom) Lee (not drummer) FSInsight.com

Compiled by: Shen Chao TechFlow

Interpretation of DAT* (Digital Asset Treasury) and BTC/ETH treasury strategies

• The post has been approved by @saylor (CEO of MicroStrategy)

Case Study: $MSTR created a template for cryptocurrency treasury strategies.

Since the implementation of the $BTC strategy in 2020, the stock price of Strategy has soared from $13 to $455.

Question:

How much of the stock price increase is attributed to the rise in Bitcoin prices, and how much is attributed to the crypto reserve strategy?

Behind the 35-fold increase in $MSTR stock price:

• 11x originates from the Bitcoin ($BTC) price rising from $11,000 to $118,000
• 25x comes from the treasury strategy
• The number of Bitcoins held per share increases.

The impact of treasury strategies goes far beyond the rise in token prices.

The treasury strategy of $MSTR's DAT (Digital Asset Treasury) increases the number of tokens held per share in the following ways:

• Issue Stock > P/NAV (Price to Net Asset Value) = Increase in the number of tokens per share
• The price volatility of tokens reduces borrowing costs = higher return on investment (ROI)
• Use convertible bonds / preferred stock = limit equity dilution

By the way:

• The volatility of $ETH is higher than that of $BTC
• Therefore, this volatility has a greater impact on ETH DAT than on BTC DAT.

@grok 制作了以下表格（节选）

Deep Tide Note: This table shows some of MicroStrategy (MSTR)'s financing activities since it began using Bitcoin as part of its treasury in 2020. These include internal cash, Convertible Senior Notes (, Senior Secured Notes ), Secured Loan (, and ATM Equity Program ), with almost all funds used to purchase Bitcoin.

Bitmine announced its ETH treasury strategy on June 30, 2025, and completed the transaction on July 9, 2025.

The example of $MSTR shows that purchasing tokens can:

• Increase the number of tokens per share

$BMNR on the 7th day after the first transaction:

• Acquired $1 billion worth of ETH

$MSTR acquired $250 million worth of tokens in the same period.