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MicroStrategy’s Bitcoin Leverage Pushes Stock Beyond Crypto Value
MicroStrategy holds 628,946 BTC valued at $75.82 billion, purchased at an average price of $73,288 per coin since August 2020.
The company’s Bitcoin position equals nearly 68% of its $112 billion market cap, creating a NAV multiple of 1.475.
Leverage, deep options markets, and major index inclusion contribute to the premium investors pay for MSTR shares.
MicroStrategy now holds 628,946 BTC valued at approximately $75.82 billion, with an average purchase price of $73,288 per coin. The company began accumulating Bitcoin in August 2020 and has since increased its holdings by about 64.48%. This Bitcoin position represents just under 68% of the company’s $112 billion market capitalization.
Despite the scale of its Bitcoin holdings, MicroStrategy’s stock trades well above the value of its cryptocurrency assets. The company’s net asset value multiple stands at 1.475, indicating that investors are willing to pay significantly more than the worth of its BTC holdings. At the latest price of $397 per share, this premium reflects factors beyond the underlying Bitcoin valuation.
Leverage and Credit Market Access
One major factor contributing to the stock’s premium is MicroStrategy’s ability to increase Bitcoin exposure through leverage. The company uses debt and other credit tools to amplify its Bitcoin position by two to four times, a capability unavailable to spot Bitcoin ETFs or direct holders of the cryptocurrency. This access to equity and credit markets allows the company to scale its position more aggressively than most market participants.
MicroStrategy’s shares also benefit from an active derivatives market. The open interest in options tied to MSTR stock exceeds $100 billion, surpassing the size of similar markets for Bitcoin ETFs or CME Bitcoin futures. This liquidity in the options market provides investors with more ways to trade exposure to Bitcoin via the stock.
Institutional Flows from Index Inclusion
Inclusion in major equity indices such as the NASDAQ 100, MSCI, and Russell 1000 ensures that MicroStrategy shares receive consistent passive capital inflows. These index placements mean that investment funds and portfolios tracking these benchmarks buy and hold MSTR regardless of short-term cryptocurrency market movements.
MicroStrategy’s stock performance is influenced by more than the price of Bitcoin. Leverage, deep liquidity in the options market, and structural support from index inclusion combine to create a premium valuation. This mix of factors has positioned MSTR as a vehicle for amplified Bitcoin exposure in equity markets.
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