Share this article
Bitcoin Surges Ahead as Strategy Lags
Divergence grows amid mNAV compression and a shift in Strategy's funding approach for bitcoin accumulation
Updated May 28, 2025, 2:53 p.m. Published May 28, 2025, 8:48 a.m.
What to know:
- Strategy’s mNAV has declined to 1.80, near 12-month lows, tightening its ability to raise equity without high dilution.
- Its latest BTC acquisition shows a shift in funding: 81.7% common stock, 15.9% STRK, and 2.4% STRF, suggesting broader use of hybrid instruments.
Disclaimer: The analyst who wrote this piece owns shares of Strategy (MSTR).
Since the start of this month, a growing divergence has emerged between bitcoin and bitcoin-HODLer Strategy (MSTR). While bitcoin has climbed approximately 13%, nearing the $110,000 mark, MSTR shares have slipped 3%, trading around $372.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
This performance gap has become more pronounced since mid-May and raises questions about market sentiment toward the company that pioneered the bitcoin treasury strategy for corporations. Despite playing a leading role in this movement, Strategy’s stock has not mirrored bitcoin’s latest rally.
One key factor is the rapid increase in the number of public companies adopting similar bitcoin strategies. According to data from BitcoinTreasuries.net, over 113 public companies globally now hold bitcoin on their balance sheets, marking an increase of 11 new entrants over the past 30 days.
Many appear to be following Strategy’s playbook, but the firm’s market premium is compressing, indicating that its early-mover advantage may be fading.
Strategy’s multiple to net asset value (mNAV), which reflects how the market values the company relative to its bitcoin holdings, has dropped to 1.80 one of its lowest points over the past year.
This figure is calculated by dividing the enterprise value (EV) by the market value of its bitcoin holdings. The EV includes MSTR’s current market cap, convertible debt, and preferred shares (such as STRK and STRF), minus the company’s most recent reported cash balance.
A lower mNAV limits Strategy’s ability to issue new equity without significantly diluting existing shareholders, although it remains above 1x, preserving some headroom.
Strategy’s recent 4,020 BTC purchase, its smallest since May 5, also reveals a significant change in funding structure. The acquisition was financed not only through common stock but also through preferred securities — 81.7% from common stock, 15.9% from STRK, and 2.4% from STRF, according to MSTR analyst Ben Werkman.
This diversification indicates that the company is strategically tapping alternative instruments via its at-the-market (ATM) offering, possibly to mitigate shareholder dilution and optimize capital raising in a compressed mNAV environment.
Read more: Strategy Buys 4,020 Bitcoin for $427M, Bringing Total Stash to Over 580,000 BTC
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
IMF Flags Stablecoins as Source of Risk to Emerging Markets, Experts Say We Aren't There Yet
The IMF warns that USD-pegged stablecoins could undermine local currencies in emerging markets by facilitating currency substitution and capital outflows.
What to know:
- The IMF warns that USD-pegged stablecoins could undermine local currencies in emerging markets by facilitating currency substitution and capital outflows.
- Despite concerns, experts argue that the stablecoin market is still too small to have a significant macroeconomic impact.
- Stablecoins are primarily used for crypto trading, and their market size remains small compared to global currency flows.
Top Stories
