I agree with Saylor that Bitcoin is digital property and therefore it is king over any derivative. 

That said in the UK and many other jurisdictions around the world you are subjected to high capital gains tax when you sell Bitcoin for a tidy profit. In the UK for example CGT is now 28% for higher tax earners. 

Individuals, investing in MicroStrategy as a Bitcoin proxy, they can buy and sell tax free within their ISAs and SIPPs in the UK and Roth IRAs and 401k in the US. 

Corporates can usually invest their cash piles in MicroStrategy without tax implications or breaking shareholders agreements etc. 

Therefore, I believe this is one usually overlooked reason for MicroStrategy’s huge valuations premium compared to its Bitcoin holdings. 

MSTR will likely be added to NASDAQ 100 QQQ index next month all things considered. 

SMLR is only a $300m company and therefore likely to be even more volatile than MSTR now and in the future. Unlike MSTR, SMLR will find it harder to obtain regulatory approval to raise funds to buy more Bitcoin.