迈克尔·塞勒（Michael Saylor）的策略（MSTR）BTC多到网络资产价值（MNAV）降至1.7倍以下，尽管购买了数十亿美元

尽管购买了数十亿美元的比特币（BTC），但电视转播的投资者晚会，第一个家庭见面会，公司名称更改和新的纳斯达克

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月以来，比特币（BTC） - 低功率企业战略（MSTR）现在以其最低的净资产价值（NAV）进行交易，尽管该公司最近宣布了新的纳斯达克股票上市，这是第一个家庭见面会，这是第一个家庭见面会，公司名称更改和新的纳斯达克股票上市。

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.

通过将MSTR的市值除以BTC持有量来计算的倍数是投资者用来重视公司的关键指标。较高的倍数表明，投资者愿意为策略所产生的每美元的BTC支付更高的保费。

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，多个倍数一直在趋势下降了几个月。在2024年11月，多个飙升至3.4倍以上，一些分析师甚至要求它达到10倍。但是截至周四，该数字已滑到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.

该溢价也称为战略的多到网络资产价值或“ MNAV”。它从本质上表明，投资者愿意为每美元的BTC支付，以稀释为基础，该战略会产生。

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.

在撰写本文时，战略的765亿美元市值仍然是价值452亿美元的BTC的慷慨溢价，使该公司的保费为68％。但是，这个数字与MSTR在11月20日享有的240％溢价相去甚远。

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

塞勒（Saylor）一直在试图增强倍数，仅在星期四早上，大约在BTC购买中宣布了约20亿美元。

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

在这一年中，策略已每次假定的MSTR股份增加了6.9％的BTC，年龄超过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的价格收购了20,356 btc，每比特币97,514美元，BTC收益率为6.9％ytd 2025。截至2025年2月23日，我们HODL 499,096 $ BTC以〜331亿美元的价格获得了〜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.

尽管看似积极的消息，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.

根据粉丝创建的跟踪网站的说法，MNAV自2024年5月13日以来处于最低水平。以简单的美元计算，MSTR的股票现在以自11月11日以来的最低交易。

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