Strategy keeps expanding Bitcoin reserves amid declining stock premium

Strategy, the largest public holder of Bitcoin, has expanded its reserves even as the premium on its stock continues to fade.

The company revealed on Sept. 15 that it purchased 525 BTC for about $60.2 million, paying an average price of $114,562 per coin.

The latest buy pushed Strategy’s 2025 Bitcoin yield to 25.9% and lifted its total holdings to 638,985 BTC. The stash, acquired for $47.23 billion at an average of $73,913 per coin, is now valued at $73.97 billion, giving the firm an unrealized profit of roughly 57%.

Strategy said it financed its latest Bitcoin purchase through proceeds from ongoing share sales, which brought in about $24 million via Strife stock, $17.3 million through Strike stock, and another $17 million from Stride perpetual offerings.

MSTR’s declining mNAV

While Strategy has continued to accumulate Bitcoin, its market net asset value (mNAV) has fallen to its lowest level since January 2024.

The ratio, which tracks how much of a premium or discount the company’s shares trade at compared with its underlying Bitcoin, has slipped to 1.26x, according to Bitcoin Treasuries data. That marks a sharp decline from the 3.14x level seen in November 2024.

The falling premium points to a shift in investor sentiment. Instead of paying well above the value of Strategy’s coins, shareholders are now pricing the stock closer to its actual holdings.

This decline has also coincided with the current falling value of Strategy’s MSTR stock, which has fallen by over 28% from its July peak of $457 to $327 as of press time.

Notably, the same trend can be observed in other Bitcoin holding companies like Metaplanet.

Strategy and Metaplanet Stock Performance vs Bitcoin Since July 14 (Source: Strategy Tracker)

Standard Chartered analysts point to several factors behind the shift, including a crowded field of corporate treasuries and the growing doubts about aggressive share sales from these companies.

Considering this, the bank warned that the sector will likely consolidate if valuations weaken. In such a market, the stronger firms like Strategy might buy out rivals trading at discounts to further their Bitcoin-focused efforts.

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