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The stock price of MSTR is in an interesting situation. It’s known as a company that holds a large amount of Bitcoin, but according to the latest data, the market value of the BTC it holds has already surpassed the company’s total market capitalization.
Putting it simply, MSTR’s market capitalization is around $64.9 billion, but the value of the Bitcoin it owns alone is calculated to be $65.32 billion. In other words, with mNav down to 0.993, it’s below 1.
In practical terms, that means the business value of the company itself is being valued negatively. The company’s value is being determined purely by its BTC holdings. Since it’s rare for mNav to drop below 1, it’ll be interesting to see how the market responds. If the BTC price stays strong, more attention may be paid to movements around MSTR’s mNav.