“Alongside bitcoin’s tumble back to $98,000, MSTR is lower by another 6.6% on Thursday, bringing its year-to-date decline to 30%.”, — write: www.coindesk.com
Now trading at $210, MSTR has returned to levels not seen since the weeks prior to the election of Donald Trump last November. Shares are lower by 30% year-to-date and 36% year-over-year, though remaining massively higher since Michael Saylor and team adopted a bitcoin treasury strategy in August 2020.
The plunge in Strategy relative to the price of bitcoin prompted some on social media to declare the stock in buy territory due to its market cap now being significantly below the value of its BTC stack, ie a so-called mNAV below 1.
Indeed, Strategy’s 641,692 bitcoins are worth $63.2 billion, or about 5% more than the current market cap of $60 billion. This calculation, however, leaves out all of the company’s preferred and debt issuance — both of which have a higher payback preference than the common stock.
Adding those items brings Strategy’s enterprise value to $75.4 billion, or nearly 20% more than the value of its bitcoin holdings — numbers made clear on Strategy’s own dashboard, which showed an mNAV of 1.19 at press time.
Strategy common stock may turn out to be cheap or maybe expensive, but it is not — at current levels — changing hands at a discount to the company’s bitcoin.
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The token fell through key support despite elevated trading volume and continued institutional inflows into spot ETFs.
- SOL dropped from $153 to $145 over 24 hours, breaking below the critical $150 support.
- Trading volume surged 13% above weekly averages during the decline.
- Spot Solana ETFs maintained positive inflows despite broader crypto fund outflows.
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