Crypto Scenario Insights
What happened
MicroStrategy (MSTR) is trading at an 18% discount to its net asset value (NAV) as Bitcoin's price drops below the company's mid-$70,000s average cost basis.
What we think
The most likely outcome is that MSTR will continue to trade at a structural discount of 10% to 20% to its NAV until spot Bitcoin reclaims and holds the mid-$70,000s level, with a 55% probability of this neutral consolida…
Read the analysis
MSTR trades at an 18% discount to Bitcoin holdings — is the proxy premium permanently broken?
We explain what happened and what could follow. We do not forecast prices.