CHART: mNAV down across bitcoin treasury companies
The premium that investors are paying for BTC treasury companies continues to decline. In other words, mNAV compression is real.
Results for Spotlight, Strategy
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CHART: Strategy’s BTC growth slows to multi-year low
Strategy has been adding BTC to its treasury at its slowest rate in five years. Worse, its mNAV is also falling.
Strategy’s mNAV falls to 19-month low as BTC outperforms
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.
— Michael Saylor, MicroStrategy
Strategy hasn’t sold any STRC through ATM since July
Michael Saylor has been particularly optimistic about expanding STRC domestically and abroad, yet his STRC ATM sales to date are $0.
94% of Strategy’s bitcoin buys since August were from diluting MSTR
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.
MSTR down $8B this quarter despite inflows from global institutions
Despite persistent purchases and tens of billions of dollars worth of institutional ownership, MSTR is nowhere close to an all-time high.
Does Michael Saylor even understand Bitcoin Core vs. Knots?
Bitcoin Treasuries NYC Unconference attendees hoped for a better answer from Michael Saylor about the ongoing Core vs. Knots debate.
Why the S&P 500 committee could deny MSTR inclusion on Friday
MSTR investors are hoping for good news from the US Index Committee on Friday about its potential S&P 500 inclusion.
— Michael Saylor, MicroStrategy
Michael Saylor diluted MSTR by $735.2 million after saying he wouldn’t
Since revoking his promise not to dilute MSTR to buy BTC between 1-2.5X mNAV, Michael Saylor has diluted by another $735.2M.
Like it or not, Jim Chanos’ MSTR short trade was a winner
Jim Chanos’ hedged MSTR short-sale is probably up 15-35% depending on the assumptions you make about his cost basis and fees.