Strategy (NASDAQ:MSTR) is lagging Bitcoin (CRYPTO: BTC) despite BTC hitting all-time highs this week, raising concerns among traders about whether investing in the leading Bitcoin treasury company still makes sense.
What Happened: Strategy’s premium over its Bitcoin holdings has dropped sharply, with its basic net asset value (NAV) premium now at 1.4 and its self-reported mNAV at 1.61 — both at their lowest since February 2024.
This decline has been ongoing since November 2024 and coincides with rare underperformance against BTC.
Over the past six months, Bitcoin is up 20.5%, while MSTR has gained only 9.3%, a stark reversal from its historical tendency to outperform — including a 183% surge in the past year compared to BTC’s 98%.
Traders point to …