Why Is Strategy’s MSTR Now Worth Less Than The Bitcoin It Owns?
Strategy Inc.’s (NASDAQ:MSTR) stock has collapsed so far that its market value now sits below the worth of its Bitcoin (CRYPTO: BTC) holdings. This exposes a rare valuation disconnect that has widened despite improving fundamentals and reduced liquidity risk.
Market Cap Falls Below Bitcoin Treasury For First Time
Strategy’s market capitalization has dropped to roughly $48-50 billion after a 52% slide in just 2 months.
During the same period, its Bitcoin holdings reached 650,000 BTC worth about $60 billion.
This inversion means the company now trades at a discount of nearly $10 billion to its Bitcoin treasury alone.
Even after subtracting $8.2 billion of debt, Strategy still holds an estimated $51.8 billion in net Bitcoin value.
That figure remains above the company’s market cap, marking the first sustained net asset inversion in the firm’s history.
Risk Removed, Selling Accelerates
For much of the year, investors feared Strategy might need to liquidate Bitcoin to fund dividend payments.
The company ended that debate directly by allocating $1.44 billion in U.S. dollar reserves, enough to sustain payments for 21 to 23 months.
Ironically, removing the most widely cited risk did not stabilize sentiment.
Shares continued falling, creating an unusual split where fundamentals improved while valuation deteriorated.
A widely shared post from Bull Theory on X captured the mood.
It said, “This does not look like regular market movement. It looks like large players actively pushing the stock lower.”
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As the largest corporate Bitcoin holder in the world, Strategy is seen …
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