Strategy (MSTR) Slides With Bitcoin, Still Trades Above BTC Value
Strategy (MSTR), the largest corporate holder of bitcoin, fell 6.6% Thursday to $210 as bitcoin (BTC) dipped nearly 3% to $98,600. The stock is down roughly 30% year-to-date and 36% over the past 12 months, though it remains far above pre-Bitcoin treasury levels from 2020.
The decline renewed debate about MSTR’s valuation relative to its bitcoin holdings. The company owns 641,692 BTC, valued at about $63.2 billion — slightly higher than its $60 billion market cap, suggesting a potential discount.
However, this comparison excludes the company’s preferred shares and outstanding debt, which take priority over common stock. Factoring in these obligations raises Strategy’s enterprise value to $75.4 billion, nearly 20% above the current value of its BTC holdings. MSTR’s dashboard reflects an mNAV of 1.19, confirming the stock still trades above the net value of its bitcoin assets.
While some investors view the pullback as a buying opportunity, MSTR is not trading below the value of its bitcoin when liabilities are considered, signaling that caution remains prudent despite the recent slide.
