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Results for Spotlight, Bitcoin, Strategy

7 stories, newest first

Michael Saylor has said that the greatest risk to Bitcoin is ambitious opportunists advocating protocol changes.

Compensation to executives of crypto companies has remained high, no matter how poorly their stock prices perform.

The premium that investors are paying for BTC treasury companies continues to decline. In other words, mNAV compression is real.

Oct 22, 2025 — Bitcoin, Strategy

Strategy has been adding BTC to its treasury at its slowest rate in five years. Worse, its mNAV is also falling.

Strategy common shares have fallen to a 19-month low multiple-to-Net Asset Value. The basic mNAV of MSTR is now just 1.21x.

Since Strategy removed a ban on ATM share sales between 1-2.5x mNAV six weeks ago, MSTR dilution has paid for 94% of its BTC purchases.

Sep 18, 2025 — Bitcoin, Core

Bitcoin Treasuries NYC Unconference attendees hoped for a better answer from Michael Saylor about the ongoing Core vs. Knots debate.