A Tour Through History's Most Entertaining Price Anomalies

MicroStrategy's bitcoin holdings and a tech investment fund are commanding extraordinary premiums in U.S. markets, highlighting unusual price anomalies reminiscent of past market distortions. MicroStrategy shares are trading at more than double the market value of their main asset -- bitcoin holdings -- while closed-end fund Destiny Tech100 recently traded at 11 times its net asset value, down from 21 times earlier in 2024.
Similar market irregularities have emerged throughout history. In 1923,