Strategy, the largest public holder of Bitcoin, has increased its reserves even as its stock premium diminishes.
The company announced on September 15 that it acquired 525 BTC for approximately $60.2 million, averaging $114,562 per coin.
This recent acquisition elevated Strategy’s 2025 Bitcoin yield to 25.9% and increased its total holdings to 638,985 BTC. The collection, purchased for $47.23 billion at an average of $73,913 per coin, is currently valued at $73.97 billion, resulting in an unrealized profit of around 57%.
Strategy indicated that it funded this latest Bitcoin acquisition through proceeds from ongoing stock sales, generating around $24 million via Strife stock, $17.3 million from Strike stock, and an additional $17 million from Stride perpetual offerings.
MSTR’s declining mNAV
While Strategy continues to gather Bitcoin, its market net asset value (mNAV) has dropped to its lowest point since January 2024.
The ratio, which measures the premium or discount of the company’s shares relative to its underlying Bitcoin, has fallen to 1.26x, according to Bitcoin Treasuries data. This is a significant drop from the 3.14x seen in November 2024.
The decreasing premium indicates a shift in investor sentiment. Rather than paying considerably above the value of Strategy’s Bitcoins, shareholders are now valuing the stock closer to its actual holdings.
This trend aligns with the current decline in Strategy’s MSTR stock, which has decreased by over 28% from its July peak of $457 to $327 at the time of this article.
Interestingly, a similar pattern is observable in other Bitcoin-holding companies like Metaplanet.
Analysts at Standard Chartered attribute this shift to several factors, such as an overcrowded field of corporate treasuries and increasing skepticism about aggressive share sales from these firms.
Given this context, the bank cautioned that the sector could face consolidation if valuations continue to decline. In such a scenario, stronger companies like Strategy might acquire rivals trading at discounts to enhance their Bitcoin-focused endeavors.
