Group 1 - The stock price of Strategy (MSTR.US) has fallen below the market value of its Bitcoin holdings, indicating increasing market caution towards the largest enterprise Bitcoin holder [1] - Strategy's market capitalization dropped to approximately $65.34 billion, below the total value of its 641,692 Bitcoins, which is $66.59 billion, resulting in a "negative premium" phenomenon [1] - This occurrence is rare in Strategy's trading history, as the company typically trades at a premium over its net asset value, reflecting a shift in investor sentiment towards operational risks and potential dilution factors [1] Group 2 - Despite Bitcoin's relatively stable price fluctuations between $100,000 and $105,000, Strategy's stock price has experienced greater volatility, with traders viewing Bitcoin as a more "pure" market exposure [1] - Strategy has recently raised $49.9 million to acquire 487 additional Bitcoins, continuing its long-term holding strategy, but this move has raised concerns about future dilution risks and debt levels [2] - The recent price dip and subsequent rebound of Strategy's stock highlight a subtle change in institutional investor behavior, differentiating between the risks of "Bitcoin as an asset" and "companies holding Bitcoin" [2]