Thursday link: high-priced debt, community-approved stables and Sun Yuchen

A recent analysis shows that micro-strategy stocks trade above net asset value because bond investors pay too high prices for their complex debt, actually creating a kind of "financing franchise." The convertible bonds embedded in options mask the risk, allowing it to sell overvalued debt. The researchers estimate that this strategy can last for about eight years, although the premium has recently dropped to 30%. The model shows that without such inefficiency in the debt market, most digital asset companies should not trade above their net asset value.