The basic multiple-to-Net Asset Value (mNAV) that investors are willing to pay for Michael Saylor’s Strategy has declined by two-thirds over the past two years from 2x to 0.68x. Exactly 24 months ago, Strategy common stock was worth exactly twice the value of its BTC. For every $1 of BTC the company owned, MSTR traded at $2. In 2024, there was optimism about Strategy’s ability to positively accrete BTC for shareholders through successful busines…
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