比特币财库龙头MSTR股价八月大跌，比特币持仓溢价大幅缩水

Core Viewpoint - Strategy, formerly known as MicroStrategy, is facing unprecedented market challenges in the cryptocurrency sector, particularly due to a significant decline in its stock price and investor confidence related to its Bitcoin treasury model [1][4]. Group 1: Stock Performance and Market Sentiment - Since August, Strategy's stock price has dropped by 16.8%, erasing much of the market premium it enjoyed due to its Bitcoin holdings [1]. - The company's stock price has become closely tied to its market-adjusted net asset value (mNAV), which has fallen to 1.57 times, indicating a loss of confidence in the treasury model despite Bitcoin prices remaining relatively strong [5]. Group 2: Financing Strategy and Investor Confidence - Strategy's initial plan to raise funds through preferred stock issuance to continue purchasing Bitcoin fell short, raising only $47 million, leading to a restart of its common stock issuance plan [4]. - The company broke its earlier commitment not to issue shares unless mNAV was above 2.5 times, which has severely impacted investor trust and market premium [4][5]. Group 3: Industry Trends and Competitive Landscape - Over 100 companies have followed Strategy's lead, collectively holding approximately $108 billion in Bitcoin, which accounts for 4.7% of the total Bitcoin supply [4]. - The rise of Bitcoin spot ETFs poses a threat to treasury companies like Strategy, as these funds offer Bitcoin exposure without the risks associated with company governance or share dilution [5]. - A significant portion of publicly traded companies that have incorporated Bitcoin into their balance sheets are now trading below the value of their Bitcoin reserves, raising concerns about the sustainability of their treasury strategies [5][6].