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Michael Saylor's Strategy – the oldest and most valuable single-purpose digital asset treasury (DAT) company – is trading at a discount to its net asset value (NAV) for the first time since 2024, hampering the company's ability to raise new capital on the same day BTC slides once again below $100k.
What's the Scoop?
- Negative Premium Moment: At the time of writing, Strategy was trading at a market capitalization of $62.6B, a 2.6% discount against the company's liquid bitcoin holdings worth $64.3B.
- Corporate Risk Premium: The dip may signal that investors believe Strategy’s dilution risk, operational leverage, and corporate structure are riskier than owning BTC outright. Strategy normally trades above NAV, making this reversal notable.
- More Buying, More Dilution: Strategy recently purchased 487 BTC for $49.9M, continuing its relentless accumulation approach even as markets appear increasingly concerned about ongoing share dilution and growing leverage ratios.
🚨 MSTR mNAV JUST DROPPED BELOW 1 ~ 0.97
— ambassador of qwan (@ambofqwan) November 12, 2025
At 10:56 AM EST, Nov 12, 2025, MicroStrategy’s market cap is $63.2B while its 641,692 BTC are worth $65.1B at $101,531/BTC (per CoinMarketCap).
That means you’re buyingBitcoin at a 3% discount through MSTR shares ~ a rare event for… pic.twitter.com/Eju3tEuZzV
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