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