Michael Saylor's Strategy is no longer the only player in the Bitcoin treasury game. Credit: Jason Koerner/Getty Images for Bitcoin Magazine Key Takeaways Strategy has long traded at a premium compared to its underlying assets. However, the gap closed significantly in 2025. Will Strategy’s shrinking premium continue to weigh on its stock price? As alternative Bitcoin treasury companies have entered the market, the premium Strategy (formerly MicroStrategy) investors pay on the firm’s net asset valu ...