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The premium that investors are willing to pay for MicroStrategy's common stock has fallen to a 17-month low.

DailyNews

2025-08-15 07:23:25

BTC0.04%

Golden Finance reports that the premium investors are willing to pay for MicroStrategy's common stock under Michael Saylor has fallen to a 17-month low. Data tracking the "net asset value multiple" (mNAV) indicates that MSTR is currently priced at only 1.4 times its underlying net asset value, the lowest level since February 2024.
Even MicroStrategy's own announced mNAV—this metric uses a broader enterprise value instead of the underlying market cap to calculate the ratio between MSTR and its $74 billion worth of Bitcoin (BTC)—was only 1.61 at the time of writing. Even the MSTR mNAV chart calculated on a diluted share basis shows 1.57, the lowest level since February 2024.
MicroStrategy is the largest Bitcoin reserve company in the world. Its founder claims that due to "credit leverage, option advantages, passive capital inflows, and higher quality institutional channels," MSTR should maintain a premium relative to its BTC holdings.
Since November 2024, this premium has been continually eroded and has now returned to the lowest level since February of the previous year.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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