Strategy (MSTR) — Market Cap vs Bitcoin NAV
Strategy (MSTR) currently trades at a market cap vs Bitcoin NAV ratio of 0.64x, which means the market values the company at 35.9% discount to the underlying Bitcoin holdings. With 847,363 Bitcoin on its balance sheet worth $53,140,942,738 at the live spot price, and a market capitalisation of $34,073,360,100, MSTR holds rank #60 of 70 tracked Bitcoin treasury companies by this metric on HodlingBTC.
How MSTR's Market Cap vs Bitcoin NAV Is Calculated
The market cap vs Bitcoin NAV ratio for Strategy is computed as the company's market capitalisation divided by the product of its disclosed Bitcoin holdings and the live Bitcoin spot price. For MSTR today the inputs are a market cap of $34,073,360,100, 847,363 BTC, and a Bitcoin spot price of 62,713. The resulting ratio of 0.64x quantifies how much discount (or premium, when above 1.0x) the equity market is assigning to MSTR beyond the value of the underlying Bitcoin treasury. A ratio above 1.0x means the company is trading at a premium to the value of its Bitcoin stash; below 1.0x means a discount. The number does not account for operating businesses, capital structure, debt, preferred shares, or other liabilities that sit between common shareholders and the underlying Bitcoin.
What 0.64x Means for Strategy Shareholders
Strategy's ratio of 0.64x places the stock at a 35.9% discount to its Bitcoin NAV. Discounts to Bitcoin NAV typically reflect concerns that common shareholders may not capture the full value of the underlying Bitcoin. Common causes include senior debt and preferred share claims that sit above common stock in the capital structure, dilution risk from at-the-market equity programs, operating losses that consume Bitcoin holdings, or simply low trading liquidity that prevents the equity from pricing efficiently to NAV. The ratio is one input among several; capital structure, debt obligations, share class differences, and operating cash flow all influence what shareholders actually receive per share of MSTR.
MSTR vs Other Bitcoin Treasury Companies
How MSTR compares against the 4 companies ranked closest by market cap vs Bitcoin NAV ratio on HodlingBTC's live tracker:
| # | TICKER | COMPANY | HQ | RATIO |
|---|---|---|---|---|
| 58 | ZOOZ | ZOOZ Power | 🇮🇱 | 0.68x |
| 59 | ASST | Strive | 🇺🇸 | 0.67x |
| 60 | MSTR | Strategy | 🇺🇸 | 0.64x |
| 61 | ADE | Bitcoin Group SE | 🇩🇪 | 0.64x |
| 62 | SWC | The Smarter Web Company PLC | 🇬🇧 | 0.63x |
See the full ranking for every public Bitcoin treasury company on the Market Cap vs Bitcoin NAV page.
Frequently Asked Questions
What is Strategy (MSTR)'s market cap vs Bitcoin NAV ratio?
Strategy trades at a market cap vs Bitcoin NAV ratio of 0.64x, calculated as its market capitalisation of $34,073,360,100 divided by the value of its 847,363 BTC holdings ($53,140,942,738 at the current Bitcoin spot price). This represents a 35.9% discount to the underlying Bitcoin NAV.
Why is MSTR trading at a discount to its Bitcoin NAV?
discount values reflect the market's view of Strategy beyond its Bitcoin holdings alone. A discount can reflect concerns about dilution risk, debt obligations senior to common shareholders, operating losses, or limited liquidity in the underlying stock.
How often is MSTR's market cap vs Bitcoin NAV updated on HodlingBTC?
The ratio for MSTR refreshes every five minutes during European and US market hours. Bitcoin spot price is sourced from Coinbase live, market capitalisation is recalculated from the latest available share count multiplied by the current stock price, and BTC holdings are taken from the most recent disclosed figure in Strategy's SEC or primary-source filings.