Can Capital Markets Fund MSTR Without a Premium?
MicroStrategy (now Strategy) is in its most consequential phase since adopting Bitcoin as its primary treasury asset. The company’s mNAV (microstrategic net asset value) premium has fallen to 1.04x, effectively erasing the valuation buffer that once powered its dramatic outperformance versus Bitcoin itself. The shift marks a regime change, with Strategy’s future no longer hinging...
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