The premium investors are willing to pay for Michael Saylor's shares of MicroStrategy common stock has fallen to a 17-month low, with data tracking "multiples of net asset value" (mNAV) showing MSTR now trading at a premium of just 1.4 times its underlying net asset value, the lowest since February 2024.
Even MicroStrategy's own published mNAV, which uses a looser enterprise value rather than the underlying market cap to calculate the ratio of MSTR to its $74 billion bitcoin (BTC) holdings, stands at just 1.61 at press time. Even the MSTR mNAV chart, calculated by diluted shares, shows 1.57, the worst level since February 2024.
The founder of MicroStrategy, the world's largest bitcoin reserve company, claims that MSTR should be trading at a premium to its BTC holdings because of "credit leverage, options advantages, passive inflows and better institutional access".
Since November 2024, this premium has been continuously eroding and has now returned to its lowest level in February of the previous year.
The premium investors are willing to pay for MicroStrategy common stock has fallen to a 17-month low
2025-08-15 07:26:02
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