The launch of options on spot bitcoin exchange-traded funds in the U.S. will reduce the incentives for investors to hold MicroStrategy stock over these ETFs, the report said.

• MicroStrategy's almost 300% premium to its bitcoin holdings is unsustainable, the report said.
• The positive effects of the company's recent stock split are wearing off and the launch of options on spot bitcoin ETFs will also lessen demand, Steno said.
• The report noted that during the 2021 crypto bull market MicroStrategy's premium hovered below 200%.

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