According to @GracyBitget, MicroStrategy’s (MSTR) market capitalization slid to roughly $64.4 billion after the U.S. market open, dipping below the current market value of its Bitcoin (BTC) holdings (estimated $65–$68 billion) as referenced from Nasdaq market data and Coinglass Bitcoin Treasuries figures. According to Coinglass, MicroStrategy holds 641,692 BTC, about 3% of total BTC supply, anchoring the estimated asset value cited by @GracyBitget. Per @GracyBitget, the loss of MSTR’s market value-to-NAV (mNAV) premium signals investors’ preference for direct BTC exposure over equity proxies when the premium compresses. Citing @GracyBitget, this dynamic threatens the core value-creation logic for digital asset tracker (DAT) equities that rely on maintaining an mNAV premium. @GracyBitget adds that a sustained discount to NAV could mirror the historical GBTC precedent, implying potential mNAV ranges of 0.5–0.8 during stress. For traders, the immediate takeaway is that MSTR’s equity beta to BTC may persist while the mNAV relationship is in flux, making the MSTR-versus-BTC basis (per Nasdaq and Coinglass data cited by @GracyBitget) the key spread to monitor for discount/premium inflection.

According to @GracyBitget, after the U.S. market open MicroStrategy’s (MSTR) market capitalization dropped to about 64.4 billion dollars, slipping below the market value of its 641,692 BTC treasury, implying an mNAV multiple below 1.0, source Nasdaq MSTR page and Coinglass Bitcoin Treasuries. She noted the 641,692 BTC represents roughly 3 percent of Bitcoin supply and is valued around 65 to 68 billion dollars, underscoring the disappearance of the DAT mNAV premium that historically supported these equities, source Coinglass Bitcoin Treasuries and @GracyBitget. She added that this price action signals investors may prefer direct BTC exposure over MSTR when liquidity is tight, and warned that if risk sentiment remains weak, other DAT equities could face broader multiple compression and sector-wide repricing, source @GracyBitget. She cautioned that DAT stocks can amplify downside versus their underlying BTC and can enter death spirals in drawdowns, citing prior blowups as a reminder of structural risk, reinforcing near-term caution for DAT exposure, source @GracyBitget. For trading, monitoring MSTR’s mNAV discount range and whether it persists toward 0.5 to 0.8 as flagged by the author is key, while a sustained sub-1.0 mNAV implies BTC spot may remain a cleaner exposure than DAT equities under compressed liquidity, source @GracyBitget and Nasdaq MSTR page.