For seven consecutive months, Strategy Inc. has been trading at a discount to the very asset that defines its entire corporate identity. The company formerly known as MicroStrategy, which pivoted its business model into what amounts to a publicly traded Bitcoin vault, now carries a market capitalization somewhere between $30B and $37B. The Bitcoin it holds is worth roughly $50B to $54B.
Strategy’s whole pitch to Wall Street has been straightforward. Buy our stock, get leveraged exposure to Bitcoin without the hassle of holding it yourself. For a while, that pitch worked spectacularly. The stock traded at a significant premium to its net asset value, with investors happily paying extra for the convenience and the perceived genius of CEO Michael Saylor’s accumulation strategy.
That premium started evaporating around November 2025. The company’s mNAV ratio, which measures market cap relative to the value of its Bitcoin holdings, compressed to near 1.0 and has stayed there or below ever since.
The numbers behind the discount
Strategy holds 847,363 BTC as of late June 2026, acquired at an average cost of approximately $75,651 per coin. That puts the total cost basis at roughly $64.1B. The current value of those holdings sits around $50B to $51B depending on the day, which means the company is underwater on its aggregate position.
