According to Fixygen, Strategy remains the world’s largest corporate holder of bitcoin. As of August 23, the company held 840,447 BTC, or about 4% of the maximum possible supply of the first cryptocurrency.
At a BTC price of $77,004, its Bitcoin reserves were valued at $64.72 billion, while Strategy’s market capitalization stood at approximately $49.6 billion.
At first glance, it appears that investors value the entire company at less than the value of the Bitcoin it holds.
However, this comparison is incomplete. In addition to BTC, Strategy held $6.69 billion in dollar-denominated assets, but at the same time had approximately $6.75 billion in debt and $14.97 billion in preferred stock, which ranks higher than common shareholders in the capital structure.
After accounting for these liabilities, Strategy itself estimated the net value of its reserves at approximately $49.68 billion—nearly the same as its market capitalization.
This is precisely why the company’s mNAV ratio as of August 23 stood at around 1.01x. In other words, the huge premium that investors previously paid for the opportunity to gain indirect exposure to bitcoin through MSTR has virtually disappeared.
This is a fundamental shift in Sailor’s model: Strategy remains the world’s largest Bitcoin treasury, but its stock is increasingly valued as a financial entity with BTC, debt, and expensive preferred equity, rather than as “Bitcoin at a premium.”
