Michael Saylor's Strategy (MSTR) BTC Multiple-to-Net Asset Value (mNAV) Drops Below 1.7X Despite Billions in Purchases

Despite billions of dollars in bitcoin (BTC) purchases, a televised investor gala, a First Family meet-and-greet, a corporate name change, and a new Nasdaq

Bitcoin (BTC)-heavy firm Strategy (MSTR) is now trading at its lowest multiple to net asset value (NAV) since May 2024, despite the firm’s recent announcement of a new Nasdaq stock listing, a First Family meet-and-greet, a corporate name change and a new Nasdaq stock listing.

The multiple, which is calculated by dividing MSTR’s market capitalization by its BTC holdings, is a key metric used by investors to value the firm. A higher multiple indicates that investors are willing to pay a steeper premium for each dollar of BTC that Strategy accretes.

However, the multiple has been trending down for months. In November 2024, the multiple soared to over 3.4X, with some analysts even calling for it to reach 10X. But as of Thursday, the figure had slipped to below 1.7X.

This premium is also known as Strategy’s Multiple-to-Net Asset Value or “mNAV.” It essentially shows how much investors are willing to pay for each dollar of BTC that Strategy accretes on a dilution-adjusted basis.

At the time of writing, Strategy’s $76.5 billion market cap is still a generous premium to its $45.2 billion worth of BTC, giving the firm a 68% premium. But this figure is a far cry from the 240% premium that MSTR enjoyed on November 20.

Saylor has been attempting to boost the multiple, announcing roughly $2 billion in additional BTC purchases on Thursday morning alone.

For the year, Strategy has accreted 6.9% additional BTC per assumed diluted MSTR share — an annualized yield of over 56%.

Strategy has acquired 20,356 BTC for ~$1.99B at ~$97,514 per bitcoin and has achieved BTC Yield of 6.9% YTD 2025. As of 2/23/2025, we hodl 499,096 $BTC acquired for ~$33.1 billion at ~$66,357 per bitcoin. $MSTR https://t.co/mNWDaXRE7N

Despite the seemingly positive news, MSTR shares were trading 1% lower than the previous day at the time of publication.

According to a fan-created tracking website, the mNAV is at its lowest level since May 13, 2024. In simple dollar terms, shares of MSTR are now trading at their lowest since November 11.

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