MSTR’s BTC Valuation Decline

Despite significant investments and initiatives, investor confidence in Michael Saylor’s Strategy (MSTR) BTC has steadily declined in recent months.

In November 2024, the multiple investors were willing to pay for MSTR BTC soared above 3.4X, with some speculating it could reach 10X. However, it has since fallen below 1.7X.

This premium, known as Strategy’s Multiple-to-Net Asset Value (mNAV), represents MSTR’s market capitalization relative to its BTC holdings. While Strategy’s $76.5 billion market cap remains significantly higher than its $45.2 billion in BTC holdings, the current 68% premium reflects a major decline from the 240% premium noted on November 20.

In an attempt to revive this figure, Saylor announced another $2 billion in BTC purchases. Year-to-date, Strategy has achieved a 6.9% increase in BTC per diluted MSTR share, which equates to an impressive annualized yield of over 56%.

Read more: Michael Saylor’s Strategy makes up metrics to explain MSTR dilution

Despite these efforts, the recent positive news did not boost MSTR stock price, which is currently trading 1% lower than the previous day. According to a mNAV tracking website made by fans, the company’s mNAV has dropped to its lowest level since May 13, 2024. In dollar terms, MSTR shares are at their lowest since November 11.