According to BitMEX Research, since their prior post, MSTR is down 55% while Bitcoin (BTC) is up 5%, marking a sharp negative divergence between the stock and the underlying crypto benchmark. Source: BitMEX Research on X, Nov 13, 2025. According to BitMEX Research, MSTR now trades at a discount to the value of its underlying Bitcoin, indicating a negative premium relative to direct BTC exposure. Source: BitMEX Research on X, Nov 13, 2025. According to BitMEX Research, the existence of a discount makes the MSTR versus BTC spread the key trading variable to monitor, with outcomes hinging on whether the discount narrows or widens from here. Source: BitMEX Research on X, Nov 13, 2025. According to BitMEX Research, the central question for market participants is what strategy to apply now that MSTR is below its implied Bitcoin value, underscoring a potential relative-value focus between long MSTR and BTC exposure. Source: BitMEX Research on X, Nov 13, 2025.