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: Deep Tide TechFlow

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

*Post has been approved by @saylor (MicroStrategy CEO)

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 can be attributed to the rise in Bitcoin prices, and how much is due to crypto reserve strategies?

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

11x is derived from Bitcoin's ($BTC) price rising from $11,000 to $118,000

25x originates from the treasury strategy

That is, the number of Bitcoins held per share increases.

The impact of treasury strategies far exceeds the increase in token prices.

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

Issuing stocks > 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)

Using convertible bonds/preferred stocks = Restrict 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 the financing activities of MicroStrategy (MSTR) since it started using Bitcoin as part of its treasury in 2020. This includes 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 trade is completed:

Acquired ETH worth 1 billion dollars

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

That is all the content.