With bitcoin prices falling back to $98,000, Strategy (MSTR) fell another 6.6% on Thursday, extending the year's decline to 30%, and the stock price fell back to its level before Trump's election last November.
Although the company holds 641,700 bitcoins (worth about $63.20 billion), its enterprise value (including preference shares and debt) has reached $75.40 billion, a nearly 20% premium to the value of its bitcoin holdings. According to the company's dashboard, its mNAV ratio is currently 1.19.
The analysis shows that while some investors believe that MSTR has entered the buying range, taking into account the company's debt and interests such as preference shares, its common stock is still trading at a higher price than the actual value of bitcoin holdings.
Strategy shares fell to a 13-month low, still trading at a nearly 20% premium to its bitcoin holdings.
2025-11-13 22:10:46
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