According to data provided by CryptoQuant, MicroStrategy's Bitcoin premium has returned back to the levels that were last seen during the 2021 bull run. 

As noted by CryptoQuant CEO Ki Young Ju, the company's Bitcoin premium ended up peaking in the middle of the 2021 bull run. 

Notably, it never dipped below zero during the previous bear market. For comparison, GBTC was trading at a 48% discount. 

On Friday, MicroStrategy (MSTR) surged $421 following a significant correction that was triggered by the bearish call made by Citron Research. The company's shares are up by another 3.11% in pre-market trading. 

MSTR is trading at a 2.924X premium to net asset value (NAV). 

Emil Sandstedt, author of "Money Dethroned," has noted that lenders tend to flock to the company during bull markets:  

"When times are bad and Bitcoin drops, its balance sheet crumbles, and potential lenders demand much better deals. When times are good, lenders flock to the company, which then mainly has access to coins near or at all-time highs. Price risk partly offsets benefits of premium," he said in a recent social media post.

MicroStrategy's strategy, which relies on cheap debt offerings, recently started facing increasing criticism. As reported by U.Today, Lionel Laurent, a Bloomberg Opinion columnist, claimed that the strategy was unsustainable. 

BitMEX Research recently warned that it was "pretty much inevitable" for MicroStrategy's premium to become a discount. It predicted that the Virginiga-based business intelligence firm could increase the risk of future forced Bitcoin selling if it continues to issue more debt.