Strategy’s mNAV Drops as BTC Outperforms in 2025
- Strategy’s mNAV drops to 1.21x as Bitcoin outperforms MSTR stock.
- Impact on capital raising due to mNAV reduction.
- Potential income strategies like option-selling under exploration.
Strategy’s (formerly MicroStrategy) mNAV fell to a 19-month low amid Bitcoin’s strong performance in 2025, significantly affecting the company’s stock value.
This drop impacts capital efficiency for Strategy, leading to financial strategy revisions and altering market dynamics between BTC holders and stock investors.
Strategy’s mNAV has decreased to a 19-month low as of this week, underlining Bitcoin’s significant outperformance of MSTR stock in 2025.
The decline affects Strategy’s funding strategies and underscores the evolving financial landscape linked to corporate Bitcoin holdings.
Bitcoin’s 2025 Surge Lowers Strategy’s mNAV to 19-Month Low
Strategy’s mNAV reduced to 1.21x, its lowest level in 19 months, aligning with the 2025 outperformance of Bitcoin against MSTR stock. The situation prompts potential new income strategies. Bitcoin’s market performance has sparked re-rating of Strategy’s premium. The company looks to option-selling as an alternative income strategy amid mNAV concerns.
“Strategy would pursue option-selling to generate income under circumstances where he could not issue shares due to MSTR mNAV <1.” — Michael Saylor, Executive Chairman, Strategy
Capital Raising Hit as mNAV Drops to 1.21x
The sharp drop limits the firm’s ability to raise capital via equity offerings. Strategy’s yield and market cap have been directly affected, as strategies pivot to non-dilutive instruments. The corporate shift suggests a strategic reassessment of Bitcoin holdings and financial instruments to maintain capital inflows and optimize treasury management.
Past mNAV Dips: Strategy’s Response to Bitcoin Fluctuations
Historically, similar mNAV reductions have compressed premiums. In past cycles, Strategy’s capital generation faced challenges but didn’t entirely halt institutional interest. Experts indicate a potential steady path forward if non-dilutive strategies succeed, given prior instances where Bitcoin-centric adjustments have facilitated strategic flexibility.
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