Coin price pump vs reserve strategy: Driving Bitcoin company stock prices soaring, whose contribution is greater?

How does MicroStrategy's digital asset treasury strategy affect stock prices? What percentage of the coin price is attributed to it? This article is based on a piece by Tom Lee, organized, translated, and written by Deep Tide TechFlow. (Background: Jack Dorsey's payment company Block enters the "S&P 500 Index", with stock prices jumping 8.5%! Insisting on Auto-Invest Bitcoin) (Background Supplement: Peter Thiel's exchange Bullish applies for listing on the NYSE, stock code BLSH, Bitcoin trading volume ranked top five globally) Case Study: $MSTR created a template for cryptocurrency treasury strategy. Since implementing 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 price, and how much is attributed to the encryption reserve strategy? Behind the 35-fold increase in $MSTR stock price: 11 times due to Bitcoin ($BTC) price rising from $11,000 to $118,000, and 25 times due to treasury strategy, which means the number of Bitcoins held per share has increased. In other words: the impact of the treasury strategy far exceeds the rise in token price. $MSTR's treasury DAT (Digital Asset Treasury) strategy increases the number of tokens held per share in the following ways: Issuing stock > P/NAV (price-to-net-asset-value) = increase in tokens held per share. The price fluctuation of tokens reduces borrowing costs = higher Return on Investment (ROI). Using convertible bonds/preferred stock = limiting 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 has created the following table (excerpt) Deep Tide Note: This table shows some of MicroStrategy's (MSTR) financing activities since it began using Bitcoin as part of its treasury in 2020. This includes internal cash, Convertible Senior Notes (Convertible Senior Notes), Senior Secured Notes (Senior Secured Notes), Secured Loan (Secured Loan), and ATM Equity Program (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. $MSTR's example shows that purchasing tokens can: Increase the number of tokens held per share. $BMNR on the 7th day after the initial transaction: Acquired $1 billion worth of ETH. $MSTR acquired $250 million worth of tokens during the same period. Related Reports: $8 trillion asset management giant Charles Schwab forecasts Bitcoin and Ether "spot trading" will be opened within a year. IMF refutes: El Salvador has not purchased any Bitcoin since February this year, but Bukele claims to have bought it? <Coin price increase vs reserve strategy: Which drives the surge in Bitcoin company stock prices more?> This article was first published in BlockTempo "Dynamic Zone - The Most Influential Blockchain News Media."