According to @BitMEXResearch, MicroStrategy’s enterprise value is about 76 billion dollars (market cap plus debt), roughly 20% above the market value of its Bitcoin (BTC) holdings (source: @BitMEXResearch on X, Nov 13, 2025). This means MSTR trades at a premium to its BTC treasury and is not a discount Bitcoin proxy at current prices (source: @BitMEXResearch on X, Nov 13, 2025). @BitMEXResearch states that only if enterprise value drops below the market value of its Bitcoin should MSTR be considered at a discount to BTC (source: @BitMEXResearch on X, Nov 13, 2025).