Disclaimer: The analyst who wrote this piece owns shares of Strategy (MSTR).
Since the start of this month, a growing divergence has emerged between bitcoin BTC and bitcoin-HODLer Strategy (MSTR). While bitcoin has climbed approximately 13%, nearing the $110,000 mark, MSTR shares have slipped 3%, trading around $372.
This performance gap has become more pronounced since mid-May and raises questions about market sentiment toward the company that pioneered the bitcoin treasury strategy for corporations. Despite playing a leading role in this movement, Strategy’s stock has not mirrored bitcoin’s latest rally.
One key factor is the rapid increase in the number of public companies adopting similar bitcoin strategies. According to data from BitcoinTreasuries.net, over 113 public companies globally now hold bitcoin on their balance sheets, marking an increase of 11 new entrants over the past 30 days.
Many appear to be following Strategy’s playbook, but the firm’s market premium is compressing, indicating that its early-mover advantage may be fading.
Strategy’s multiple to net asset value (mNAV), which reflects how the market values the company relative to its bitcoin holdings, has dropped to 1.80 one of its lowest points over the past year.
This figure is calculated by dividing the enterprise value (EV) by the market value of its bitcoin holdings. The EV includes MSTR’s current market cap, convertible debt, and preferred shares (such as STRK and STRF), minus the company’s most recent reported cash balance.
A lower mNAV limits Strategy’s ability to issue new equity without significantly diluting existing shareholders, although it remains above 1x, preserving some headroom.
Strategy’s recent 4,020 BTC purchase, its smallest since May 5, also reveals a significant change in funding structure. The acquisition was financed not only through common stock but also through preferred securities — 81.7% from common stock, 15.9% from STRK, and 2.4% from STRF, according to MSTR analyst Ben Werkman.
This diversification indicates that the company is strategically tapping alternative instruments via its at-the-market (ATM) offering, possibly to mitigate shareholder dilution and optimize capital raising in a compressed mNAV environment.
Read more: Strategy Buys 4,020 Bitcoin for $427M, Bringing Total Stash to Over 580,000 BTC
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
