Strategy (MSTR) Drops With Bitcoin but Remains Above BTC Value
Strategy (MSTR), the largest publicly traded corporate holder of bitcoin, slid 6.6% Thursday to $210 as BTC fell nearly 3% to $98,600. The move brings MSTR’s year-to-date decline to around 30% and its year-over-year loss to 36%, though shares remain well above pre-Bitcoin treasury levels.
MSTR’s 641,692 BTC are currently valued at about $63.2 billion, slightly higher than its $60 billion market capitalization. Some investors noted that this might suggest the stock is trading below the value of its bitcoin holdings.
However, accounting for the company’s preferred shares and outstanding debt pushes MSTR’s enterprise value to $75.4 billion — roughly 20% above the value of its BTC. Strategy’s own dashboard confirms an mNAV of 1.19, indicating that the stock still trades at a premium relative to its bitcoin position.
While the recent pullback may attract bargain hunters, the figures show that MSTR is not trading at a true discount to its cryptocurrency holdings.
