The premium that buyers are keen to pay for frequent shares of Michael Saylor’s MicroStrategy has fallen to a 17-month low.
Trackers of the multiple-to-Web Asset Worth or “mNAV” present MSTR buying and selling at a fundamental NAV premium of simply 1.4 which is its lowest since February 2024.
Even MicroStrategy’s self-reported mNAV, which makes use of a extra beneficiant enterprise worth as an alternative of its fundamental market capitalization for calculating the ratio between MSTR and the corporate’s $74 billion price of bitcoin (BTC), is simply 1.61 as of publication time.
Even a graph of MSTR’s diluted share mNAV, 1.57, reveals its worst stage since February 2024.
MicroStrategy is the world’s largest BTC treasury firm. Its founder claims that MSTR ought to commerce at a premium to its BTC holdings “due to credit amplification, an options advantage, passive flows, and superior institutional access.”
That premium has been eroding since November 2024 and is at its lowest stage for the reason that prior February.
Worse, critics have identified a regarding decoupling of Saylor’s MSTR in comparison with the in any other case sturdy efficiency of BTC.
Though the corporate is a leveraged play on the worth of BTC, MSTR has managed to underperform BTC dramatically in latest months.
Michael, it is time to deal with the plain decoupling that began in early Could. Buyers need solutions. Pretending all the pieces is ok will solely result in additional promoting of $MSTR inventory. pic.twitter.com/RMkrXj9LxA
— Maximillian (@PogueThePatriot) August 13, 2025
MSTR is beginning to underperform BTC
Over the past six months, BTC has rallied 20.5%. MicroStrategy frequent inventory, in distinction, has rallied a mere 9.3%.
That underperformance is as notable as it’s uncommon. MicroStrategy buyers are accustomed to outperforming BTC over time.
Certainly, MSTR has rallied 183% over the previous 12 months — double the expansion of BTC’s 98%. Technique has trounced BTC over longer time frames as nicely, rising 2,417% over the previous 5 years amid BTC’s 893% rally.
Involved buyers are flagging MSTR’s underperformance, blaming dilution and saying MicroStrategy’s decoupling is a warning for the complete crypto treasury sector.
