Strategy’s (MSTR) multiple to net asset value (mNAV), which once carried a substantial premium, has gradually eroded and now stands at 1.0. The metric divides MSTR’s share price by its net bitcoin per share, indicating whether the stock trades above or below the value of its bitcoin holdings after accounting for debt and preferred-stock claims.The company’s 843,775 BTC are worth approximately $58.46 billion, broadly equal to its enterprise value, calculated as the market capitalisation of all basic shares outstanding, plus debt and preferred stock, less its USD reserve.MSTR is trading at around $95, down 47% year to date.
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TL;DRAI
MicroStrategy's 843,775 BTC ($58.46B) now trade at 1.0x mNAV, eroding the premium that justified holding the stock as a bitcoin wrapper. The premium's collapse undermines the institutional bitcoin treasury thesis via equity—forcing portfolio managers to reassess direct Bitcoin allocation or alternative holding structures.
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