According to @Andre_Dragosch, JPMorgan’s market cap is about $811 billion while MicroStrategy (MSTR) is around $50 billion, framing a relative-value setup for BTC-linked equity exposure. Source: @Andre_Dragosch (X, Nov 24, 2025). He states that if BTC rises 10x from current levels and MSTR trades at 2x modified NAV, MSTR’s valuation could approximate JPM’s over a 5–10 year horizon. Source: @Andre_Dragosch (X, Nov 24, 2025). He adds that this outcome is quite likely within the next 5–10 years in his view. Source: @Andre_Dragosch (X, Nov 24, 2025).

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 @Andre_Dragosch, BTC treasuries are more valuable than ETH treasuries because the average mNAV premium for major BTC treasury companies exceeds that of ETH treasury companies. Source: André Dragosch on X, September 3, 2025. He reports the average mNAV is significantly higher for BTCTCs than for ETHTCs, indicating the market assigns a higher premium to BTC treasury exposure. Source: André Dragosch on X, September 3, 2025.

According to @Andre_Dragosch, the replicated Price-to-Bitcoin-Yield-Derivative (P/BYD) ratio for MicroStrategy (MSTR), originally proposed by Croesus_BTC, currently stands at 1.01. This ratio, which measures the market premium over MicroStrategy's modified Net Asset Value (mNAV) in relation to BTC yield, tends to fluctuate significantly, especially when Bitcoin (BTC) yields are low. The latest reading of 1.01 suggests that MSTR's mNAV premium is currently 'fair', indicating neutral trading sentiment for MSTR relative to its BTC holdings. This metric is important for traders assessing arbitrage or premium/discount opportunities related to MSTR and BTC price movements (source: @Andre_Dragosch).