MSTR Trails Behind Bitcoin Despite Strategic Expansion in Accumulation Methods
A growing disconnect is emerging between Bitcoin’s price performance and that of MicroStrategy (MSTR), the company long associated with pioneering corporate bitcoin adoption.
Since the beginning of May, Bitcoin (BTC) has surged roughly 13%, approaching $110,000. In contrast, shares of MicroStrategy—rebranded as “Strategy”—have fallen 3%, now hovering near $372. The divergence has widened notably since mid-May, fueling speculation about how investors perceive Strategy’s evolving role in the bitcoin ecosystem.
Though still seen as a trailblazer, Strategy is no longer the only major player in corporate bitcoin accumulation. New data from BitcoinTreasuries.net shows that 113 publicly traded firms now hold BTC on their balance sheets, with 11 joining in the past month alone. This rising competition appears to be eroding Strategy’s once-dominant position.
A key metric reflecting this shift is the company’s market-to-net asset value ratio (mNAV), which has dropped to 1.80—among its lowest levels in the past year. This ratio compares the enterprise value (EV) of the company to the market value of its bitcoin holdings, providing insight into how much of a premium (or discount) the market is assigning to Strategy’s BTC strategy.
The decline in mNAV could limit the company’s ability to raise capital through traditional equity issuance without meaningful shareholder dilution, though the ratio remains above 1, offering some cushion.
Adding to the evolving narrative is Strategy’s latest BTC acquisition—4,020 coins, its smallest buy since May 5. Unlike previous purchases funded almost entirely through common stock issuance, this latest transaction used a more diversified funding structure: 81.7% via common stock, 15.9% from preferred securities (STRK), and 2.4% from STRF, according to MSTR analyst Ben Werkman.
This mix reflects a strategic pivot in capital raising—leveraging alternative financing tools via its at-the-market (ATM) program to reduce dilution risk in a tighter mNAV environment.
Despite lagging its underlying asset in performance, Strategy appears to be adjusting its financial model to remain competitive in a space it once dominated alone.
