# MSTR Breaks Premium Streak, Trading Below NAV for First Time Since January 2024

*Author: Jack Inabinet*
*Published: Nov 13, 2025*
*Source: https://www.bankless.com/read/news/mstr-breaks-premium-streak-trading-below-nav-for-first-time-since-january-2024*

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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](https://x.com/saylor/status/1987868344494489809?s=20) 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 ~ 0.97At 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 buying Bitcoin at a 3% discount through MSTR shares ~ a rare event for… [pic.twitter.com/Eju3tEuZzV](https://t.co/Eju3tEuZzV)— ambassador of qwan (@ambofqwan) [November 12, 2025](https://twitter.com/ambofqwan/status/1988654898565509509?ref_src=twsrc%5Etfw)