Strategy is now worth less than the Bitcoin it owns — at least according to one key metric.
The company’s market-to-net-asset value, also known as mNav, dropped to 0.879 this week, according to BitcoinTreasuries.net. This metric tells investors how much equity value they’re paying for every $1 of crypto the company holds.
In Strategy’s case, investors are spending roughly 80 cents for every $1 of Bitcoin the company holds, which raises a very uncomfortable question.
If the stock trades at a discount to Bitcoin, why not just buy Bitcoin?
Strategy has long traded at a premium to its Bitcoin
The company’s market-to-net-asset value, also known as mNav, dropped to 0.879 this week, according to BitcoinTreasuries.net. This metric tells investors how much equity value they’re paying for every $1 of crypto the company holds.
In Strategy’s case, investors are spending roughly 80 cents for every $1 of Bitcoin the company holds, which raises a very uncomfortable question.
If the stock trades at a discount to Bitcoin, why not just buy Bitcoin?
Strategy has long traded at a premium to its Bitcoin
25 days ago
