邁克爾·塞勒（Michael Saylor）的策略（MSTR）BTC多到網絡資產價值（MNAV）降至1.7倍以下，儘管購買了數十億美元

儘管購買了數十億美元的比特幣（BTC），但電視轉播的投資者晚會，第一個家庭見面會，公司名稱更改和新的納斯達克

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.

自2024年5月以來，比特幣（BTC） - 低功率企業戰略（MSTR）現在以其最低的淨資產價值（NAV）進行交易，儘管該公司最近宣布了新的納斯達克股票上市，這是第一個家庭見面會，這是第一個家庭見面會，公司名稱更改和新的納斯達克股票上市。

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.

通過將MSTR的市值除以BTC持有量來計算的倍數是投資者用來重視公司的關鍵指標。較高的倍數表明，投資者願意為策略所產生的每美元的BTC支付更高的保費。

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.

但是，多個倍數一直在趨勢下降了幾個月。在2024年11月，多個飆升至3.4倍以上，一些分析師甚至要求它達到10倍。但是截至週四，該數字已滑到1.7倍以下。

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.

該溢價也稱為戰略的多到網絡資產價值或“ MNAV”。它從本質上表明，投資者願意為每美元的BTC支付，以稀釋為基礎，該戰略會產生。

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.

在撰寫本文時，戰略的765億美元市值仍然是價值452億美元的BTC的慷慨溢價，使該公司的保費為68％。但是，這個數字與MSTR在11月20日享有的240％溢價相去甚遠。

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

塞勒（Saylor）一直在試圖增強倍數，僅在星期四早上，大約在BTC購買中宣布了約20億美元。

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

在這一年中，策略已每次假定的MSTR股份增加了6.9％的BTC，年齡超過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

策略以〜1.99b的價格收購了20,356 btc，每比特幣97,514美元，BTC收益率為6.9％ytd 2025。截至2025年2月23日，我們HODL 499,096 $ BTC以〜331億美元的價格獲得了〜 6666,357 $ 66,357 $ 66,357的BTC。 $ 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.

儘管看似積極的消息，但MSTR股票的交易比前一天低1％。

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.

根據粉絲創建的跟踪網站的說法，MNAV自2024年5月13日以來處於最低水平。以簡單的美元計算，MSTR的股票現在以自11月11日以來的最低交易。

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