MicroStrategy’s Peak Coincided With IBIT Options Surge
BlackRock’s iShares Bitcoin Trust (IBIT) options launched on Nov. 19 with extraordinary demand, recording more than $2 billion in day-one trading. The debut highlighted the growing intersection between traditional equity structures and ETF-based bitcoin exposure.
At nearly the same time, MicroStrategy (MSTR) hit a valuation high. The company’s multiple to net asset value (mNAV)—its enterprise value divided by the bitcoin it holds—reached 3.141 on Nov. 20. That milestone aligned with bitcoin closing in on $100,000 and MSTR stock setting a record at $540.
Since then, the rally has cooled. MSTR has declined about 40%, and its mNAV has narrowed to 1.55. The firm’s bitcoin holdings now total 331,200 BTC, roughly 305,000 more than in earlier accumulation phases.
MicroStrategy has long been viewed as a leveraged bitcoin proxy, giving investors both equity exposure and a tool for derivatives strategies. IBIT, in contrast, offers direct spot bitcoin access without added equity risk, giving the market two distinct pathways.
Despite IBIT’s strong entry, MSTR has delivered outsized returns since spot bitcoin ETFs went live in January 2024. The stock has soared 515%, compared with IBIT’s 128% gain, while maintaining higher trading activity and volatility.
Currently, bitcoin implied volatility remains below 40—a subdued level that limits appetite for leveraged products. For MSTR to regain momentum, traders may need a rebound in volatility to reignite interest in risk-driven strategies.
