The premium, which investors are willing to pay for Michael Saylor’s micro-tactics common stock, has now reached a 17-month low.
Multiple asset values or “MNAV” trackers show MSTR trading at a base NAV premium of just 1.4. The lowest since February 2024.
Even MicroStrategy self-reported MNAV uses more generous corporate value as it uses more generous corporate value to calculate the ratio of MSTR to the company’s $74 billion worth of Bitcoin (BTC) but at just 1.61 at publication.
Even the graph of MSTR’s dilution share MNAV 1.57 shows the worst level since February 2024.
MicroStrategy is the world’s largest BTC finance company. Its founder argues that MSTR should trade at BTC-holding premiums “for credit amplification, option advantage, passive flow and excellent institutional access.”
That premium has been eroding since November 2024 and is in it Lowest level since last February.
Worse, critics point to concerns about Saylor’s MSTR separation compared to BTC’s strong performance.
The company has used the play at the price of BTC, but MSTR has been able to perform BTC dramatically in recent months.
MSTR is beginning to fall below BTC
Over the past six months, BTC has scored 20.5%. In contrast, I have MicroStrategy common stock We collected only 9.3%.
Its inadequate performance is just as remarkable as it is unusual. MicroStrategy Investors are used to surpassing BTC over time.
In fact, MSTR has raised 183% over the past 12 months. Doubled the 98% growth in BTC. The strategy has risen 2,417% over the past five years, among BTC’s 893% rally, beating BTC over a long time frame.
Read more: Micro Strategy Tips in Bitcoin Bag Dumps While Offloading Stocks
Concerned investors have flagged MSTR’s poor performance, denounced the dilution and said MicroStrategy’s decoupling is a warning for the entire cryptocurrency sector.