Investors assessing Strategy’s investment risk should look not only at bitcoin prices or the premium to net asset value but also at an \'amplification\' metric that reflects its capital structure, a report said. The metric compares the size of debt-like capital, including total debt and preferred shares, with the scale of bitcoin holdings. Higher amplification makes common shares more sensitive to bitcoin moves and raises overall risk, with amplification currently near 33 percent.

Morgan Stanley is entering the market by launching its own bitcoin spot ETF, with investors watching whether low fees and its advisory network reshape competition. The Morgan Stanley Bitcoin Trust (MSBT) is to list on NYSE Arca, with trading set to start on April 8 Korea time. Markets are focusing on five early indicators: trading volume, price versus net asset value, fee competitiveness, advisers’ initial portfolio allocation, and first-day net inflows.