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.

According to @saylor, MSTR trades at a premium to Bitcoin NAV because equity and credit instruments enable credit amplification, options advantages, passive flows, and superior institutional access versus commodities (source: @saylor, Twitter, Aug 13, 2025). According to @saylor, these structural factors are the stated drivers of the valuation differential between MSTR and spot Bitcoin exposure (source: @saylor, Twitter, Aug 13, 2025).