Bitcoin Updates: Bitcoin Holdings Compared to Declining Stocks—Strategy’s Shrinking NAV Raises Concerns

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Bitcoin Updates: Bitcoin Holdings Compared to Declining Stocks—Strategy’s Shrinking NAV Raises Concerns

Bitget-RWA2025/11/17 08:14

By:Bitget-RWA

- Michael Saylor dismissed rumors of Strategy selling Bitcoin , reaffirming its long-term "HODL" strategy despite recent wallet transfers sparking speculation. - Strategy holds 642,000 BTC ($61.3B value) but its $59.92B market cap now trails Bitcoin holdings, triggering "NAV compression" concerns. - Analysts note mNAV dropped to 1.24x from 1.8x in 2024, predicting further decline as investor appetite wanes and debt-funded buying sustainability is questioned. - Saylor's euro-denominated $702M funding aims t

Michael Saylor, who serves as founder and executive chairman of

Strategy

, has refuted claims that the company is offloading its

Bitcoin

holdings, reiterating their dedication to a long-term investment approach. These rumors began circulating after Strategy transferred Bitcoin to different wallets,

igniting discussions within the community

on platforms such as X about whether the company was reducing its Bitcoin reserves. Saylor, a prominent supporter of Bitcoin, has repeatedly highlighted the company’s position as a corporate holder. Currently, Strategy possesses close to 642,000 BTC—worth about $61.3 billion as of November 10—following a recent acquisition of 487 BTC for $49.9 million at an average price of $102,557 per Bitcoin,

as reported

Despite this aggressive accumulation, the company’s stock performance tells a different story. By late November 2025, Strategy’s market cap had dropped to $59.92 billion, falling short of the value of its Bitcoin assets, which has caused concern among investors. This phenomenon, known as "NAV (net asset value) compression," signals increasing doubt about the sustainability of Strategy’s debt-driven Bitcoin acquisition strategy. The stock has declined by 7.2% over several sessions, marking a five-day downward trend,

as skeptics raise concerns

about the company’s capacity to meet its preferred dividend and interest payments.

Bitcoin Updates: Bitcoin Holdings Compared to Declining Stocks—Strategy’s Shrinking NAV Raises Concerns image 0

Market analysts have pointed out the increasing disparity between Strategy’s market capitalization and its Bitcoin portfolio. Jim Chanos, who leads the short-selling firm Kynikos Associates, observed that the company’s mNAV (market multiple of net asset value) has dropped to 1.24, down from a high of 1.8 in November 2024. “The original thesis has mostly played out,” Chanos commented,

forecasting further compression

toward a 1.0x mNAV, where the stock would be valued equally with its Bitcoin assets. Meanwhile, Vetle Lunde from K33 Research noted that Strategy’s equity premium has shrunk by $79.2 billion since November 2024,

highlighting a decline in investor enthusiasm

for using the company as a means of gaining Bitcoin exposure.

Even with the negative outlook, Saylor maintains his optimism. He reaffirmed the company’s “HODL” philosophy on X, stressing that Bitcoin’s long-term prospects remain strong. The firm’s most recent purchases, including 487 BTC at a lower average price than earlier acquisitions, are intended to take advantage of market fluctuations. Strategy’s total Bitcoin stash, now estimated at $47.54 billion,

represents an average acquisition cost

of $74,079 per Bitcoin, which is well below the current market price.

Saylor has also broadened the company’s reach internationally. In November 2025, Strategy issued euro-denominated preferred shares to raise $702 million, indicating plans to diversify funding channels for future Bitcoin investments. This initiative is part of a wider “DAT (digital asset treasury) race” among corporations, with Strategy still holding the largest corporate Bitcoin reserve by volume

based on available data

Nonetheless, certain risks remain. Should Bitcoin’s price fall below $91,500 by 2027—assuming a 1x NAV ratio—Bitcoin analyst Willy Woo

cautioned that partial liquidation

might be necessary to meet debt commitments. For now, the company’s continued existence depends on Bitcoin’s price recovery and whether investors maintain faith in Saylor’s strategy

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Bitget-RWA•2025/11/18 01:46

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Bitget-RWA•2025/11/18 01:30