According to the source, Michael Saylor said MicroStrategy’s Bitcoin holdings reached an all-time high NAV of 77.4 billion dollars, signaling record mark-to-market exposure to BTC for the company. Source: X post on Oct 3, 2025 referencing Michael Saylor. MicroStrategy began its BTC treasury strategy with a 250 million dollar purchase and designated Bitcoin as its primary treasury reserve asset in August 2020. Source: MicroStrategy press release, Aug 11, 2020. MicroStrategy’s filings state that MSTR shares are highly sensitive to BTC price movements, making the stock a widely used BTC proxy among traders. Source: MicroStrategy 2023 Form 10-K risk factors.

According to Michael Saylor, MSTR trades at a premium to its Bitcoin NAV due to four drivers—credit amplification, an options advantage, passive flows, and superior institutional access that equity and credit instruments provide over commodities; source: Michael Saylor on X, Aug 13, 2025. For traders, this implies the MSTR-BTC basis can diverge from spot BTC as equity options activity, credit dynamics, and index-linked passive buying impact price discovery beyond underlying Bitcoin holdings; source: Michael Saylor on X, Aug 13, 2025.