- Strategy’s multiple-to-net asset value (mNAV) has fallen from 3.4X to below 1.7X since November 2024.
- The company’s market premium over its Bitcoin holdings decreased from 240% to 68%.
- Recent $2 billion bitcoin purchase announcement failed to boost stock price.
- Strategy achieved 6.9% BTC yield year-to-date, equivalent to 56% annualized.
- MSTR shares are trading at their lowest level since November 11, 2024.
Despite aggressive bitcoin acquisition strategies and corporate rebranding efforts, Michael Saylor’s Strategy (MSTR) is experiencing a significant decline in investor confidence, as measured by the premium investors are willing to pay for the company’s bitcoin holdings.
The company’s multiple-to-net asset value (mNAV), which measures the ratio between market capitalization and bitcoin holdings, has plummeted from a peak of 3.4X in November 2024 to below MicroStrategy“>1.7X currently. This metric serves as a key indicator of investor sentiment regarding the company’s ability to grow its bitcoin holdings per share while accounting for dilution.
Even today’s announcement of approximately $2 billion in additional bitcoin purchases failed to reverse the trend. The company now holds 499,096 BTC, acquired at an average price of $66,357 per bitcoin, yet MSTR’s stock price declined 1% following the news.
The market’s response reflects a broader skepticism despite Strategy’s impressive operational metrics. The company reports a 6.9% year-to-date increase in BTC per diluted share, translating to an annualized yield exceeding 56%. However, with a market capitalization of $76.5 billion against $45.2 billion in bitcoin holdings, the current 68% premium represents a dramatic decrease from the 240% premium observed in late November.
According to community-created tracking tools, the company’s mNAV has reached its lowest point since May 13, 2024, suggesting that despite corporate initiatives including a Nasdaq listing and high-profile meetings with the First Family, investors are reassessing the premium they’re willing to pay for Strategy’s bitcoin-focused business model.
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