Strategy, recognized as the leading public entity holding
Bitcoin, has recently increased its Bitcoin holdings, even as the premium associated with its stock experiences a decrease.
In a
disclosure
made on September 15th, the business revealed the acquisition of 525 BTC at a total cost of around $60.2 million, resulting in an average acquisition price of $114,562 for each Bitcoin.
This recent purchase brings Strategy’s total Bitcoin yield for 2025 to 25.9%, boosting its overall Bitcoin possessions to 638,985 BTC. This substantial collection, acquired for $47.23 billion at an average cost of $73,913 per Bitcoin, is currently valued at $73.97 billion. This provides the company with a considerable unrealized profit of about 57%.
Strategy stated that it funded the latest Bitcoin purchase through revenue generated from continuous stock sales. These sales produced roughly $24 million via
Strife stock, $17.3 million through
Strike stock, and a further $17 million through
Stride perpetual offerings.
MSTR’s Declining Market Net Asset Value (mNAV)
Although Strategy has continued to increase its Bitcoin reserves, its market net asset value (mNAV) has decreased to its lowest point since January 2024.
Data sourced from Bitcoin Treasuries indicates that the ratio, which evaluates the premium or discount at which the company’s shares are being traded relative to its underlying Bitcoin assets, has fallen to 1.26x. This figure represents a substantial decrease from the 3.14x observed in November 2024.
This decline in premium indicates a transformation in investor perspectives. Rather than paying considerably above the real value of Strategy’s Bitcoin, shareholders are currently assessing the stock more in line with its tangible holdings.
Notably, this decrease coincides with the ongoing
decline in the value of Strategy’s MSTR stock, which has reduced by more than 28% from its July high of $457 to $327 as of the time of this report.
Interestingly, this pattern is
also observable in other companies holding Bitcoin, such as
Metaplanet.
Analysts at Standard Chartered have suggested several contributing factors to the changing market dynamics, including an increasingly saturated landscape of corporate treasuries and growing uncertainties surrounding aggressive stock sales conducted by these companies.
Consequently, the bank has indicated that the sector is likely to undergo consolidation should valuations continue to weaken. Within such a market, financially stronger entities like Strategy might potentially acquire rival companies trading at discounted rates, thereby promoting their dedication to Bitcoin-related initiatives.