We’ll just keep buying the top forever; every day is a good day to buy bitcoin,” the founder and chairman of MicroStrategy recently told CNBC. “I would have bought Manhat

MicroStrategy stock is trading way above the value of its huge bitcoin stash. That is just the latest example of market valuations that break "the law of one price", writes Heard on the Street's Jonathan Weil.

MicroStrategy shares have gained more than 400% since the start of the year thanks to investor optimism about the software company's strategy of buying bitcoin as the cryptocurrency repeatedly hits record highs.

MicroStrategy Chairman and controlling shareholder Michael Saylor has grand ambitions and is one of the world’s biggest champions of Bitcoin. Now the company is asking shareholders for approval to boost the authorized amount of the company’s class A common shares outstanding to 10.

MicroStrategy (MSTR) will be included in the Nasdaq 100 stock market index, beginning one of the ultimate vampire attacks on the stock market.

MicroStrategy has proposed a substantial increase in its authorized shares to enhance its ability to pursue its Bitcoin-focused strategy.

"These types of things never go on forever and often end poorly," Steve Sosnick said of MicroStrategy's leveraged bitcoin bet.

MicroStrategy Inc., which is set to enter the Nasdaq 100 Index on Monday, announced it had purchased an additional $561 million of Bitcoin at an average price near last week’s record high.

The company, the largest corporate holder of the cryptocurrency, continued a string of weekly purchases that began in early November.