Strategy (MSTR) Dips With Bitcoin, Still Trades Above BTC Value
Markets remained under pressure on Thursday as bitcoin (BTC) slid nearly 3% to $98,600, dragging down Strategy (MSTR), the largest corporate holder of BTC, by 6.6% to $210. The stock has fallen roughly 30% year-to-date and 36% over the past year, though it remains well above pre-Bitcoin treasury levels from 2020.
The drop sparked renewed discussion among investors about MSTR’s valuation relative to its BTC holdings. The company currently owns 641,692 bitcoins, worth approximately $63.2 billion — around 5% higher than its $60 billion market cap. At first glance, this might suggest MSTR is trading at a discount to its bitcoin assets.
However, this calculation excludes the company’s preferred shares and debt, which take precedence over common stock. When factoring in these obligations, Strategy’s enterprise value rises to $75.4 billion, about 20% above the value of its BTC holdings. The company’s dashboard reports an mNAV of 1.19, confirming that MSTR is still trading above net bitcoin value.
While some investors see the decline as a buying opportunity, the stock is not actually below the value of its bitcoin holdings when all liabilities are considered, signaling that caution remains warranted despite the recent pullback.
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