10X Research recommends a bearish options strategy on MicroStrategy (MSTR) as its stock price diverges from Bitcoin's bull run, indicating waning investor enthusiasm. The suggested bear put spread could profit if MSTR falls to $300 or lower by June 27, despite Bitcoin reaching record highs. This divergence raises concerns about the disconnect between Bitcoin's strength and MSTR's fading momentum.

Strategy has purchased an additional 13,390 BTC for approximately $1.34 billion, increasing its total holdings to 568,840 BTC. The acquisitions were funded through sales of class A common stock and preferred stock, with the company now holding over 2.7% of Bitcoin's total supply, reflecting significant gains despite recent market volatility.

Norges Bank Investment Management increased its bitcoin-equivalent exposure from 6,200 BTC to 11,400 BTC in Q2, primarily through investments in MicroStrategy shares. This significant boost reflects a proactive strategy to gain indirect exposure to bitcoin, as noted by Standard Chartered's Geoffrey Kendrick.

The article discusses the recent struggles of MicroStrategy, now known as Strategy, under Michael Saylor as its bitcoin investments face challenges. Despite substantial bitcoin holdings and initial success, the company has experienced a significant decline in its stock's performance relative to bitcoin, raising concerns over its business model that relies heavily on dilution and constant funding from new investors to meet obligations.