Strategy (MSTR) — Market Cap vs Bitcoin NAV
Strategy (MSTR) currently trades at a market cap vs Bitcoin NAV ratio of 0.77x, which means the market values the company at 22.6% discount to the underlying Bitcoin holdings. With 840,447 Bitcoin on its balance sheet worth $67,990,552,844 at the live spot price, and a market capitalisation of $52,624,134,000, MSTR holds rank #55 of 68 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 Bitcoin spot price. At the last update the inputs for MSTR were a market cap of $52,624,134,000, 840,447 BTC, and a Bitcoin spot price of 80,898. The resulting ratio of 0.77x 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 0.77x Means for Strategy Shareholders
Strategy's ratio of 0.77x places the stock at a 22.6% 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 tracker:
| # | TICKER | COMPANY | HQ | RATIO |
|---|---|---|---|---|
| 53 | ALCPB | Capital B | 🇫🇷 | 0.80x |
| 54 | LQWD | LQWD Technologies Corp. | 🇨🇦 | 0.78x |
| 55 | MSTR | Strategy | 🇺🇸 | 0.77x |
| 56 | 0434 | Boyaa Interactive International Limited | 🇭🇰 | 0.77x |
| 57 | SWC | The Smarter Web Company PLC | 🇬🇧 | 0.75x |
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 0.77x, calculated as its market capitalisation of $52,624,134,000 divided by the value of its 840,447 BTC holdings ($67,990,552,844 at the last recorded Bitcoin spot price). This represents a 22.6% 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 figures on this page are a snapshot, recalculated a few times each trading day rather than quoted live. Bitcoin spot price is sourced from Coinbase, market capitalisation from the latest available share count multiplied by the most recent stock price, and BTC holdings from the most recent disclosed figure in Strategy's SEC or primary-source filings.