Is MicroStrategy’s mNAV Premium Gone for Good?

Michael Saylor MicroStrategy Bitcoin Acquisition Strategy. Photo by BeInCrypto MicroStrategy’s market premium over its Bitcoin holdings has narrowed to near parity, raising questions about the future of Michael Saylor’s levered Bitcoin model.  The latest disclosures show the company holding 649,870 BTC at a cost of roughly $48.4 billion, yet its equity no longer trades at the high multiples that powered earlier expansion. A Collapsing Premium and Rising Capital Pressures The company’s mNAV fell below 1x ...