Strategy to increase the position against the trend in Bitcoin! Stock premium hits a new low, yet still increases to 639,000 BTC.

Even though the stock premium has fallen to its lowest level since January 2024, the largest public holder of Bitcoin, Strategy, still chooses to increase the position against the trend. The company announced on September 15 that it has invested an additional $60.2 million to acquire 525 Bitcoins (BTC), raising its total holdings to 638,985 coins, demonstrating a steadfast confidence in the long-term value of Bitcoin.

Latest Holdings Details

Purchase Quantity: 525 BTC

Average price: 114,562 USD/coin

Total expenditure: 60.2 million USD

Source of funds:

Strife stock sale: 24 million USD

Strike stock sales: $17.3 million

Stride Permanent Issuance: 17 million USD

This purchase has raised the Bitcoin yield of Strategy 2025 to 25.9%, with a cumulative investment of 47.23 billion USD, an average cost of 73,913 USD/coin, and a current market value of approximately 73.97 billion USD, with an unrealized profit of up to 57%.

Stock premium continues to fall

(Source: Strategy Tracker)

Despite BTC Holdings reaching a new high, the market net asset value multiple (mNAV) of Strategy has dropped to 1.26 times, the lowest since January 2024, far below the 3.14 times in November 2024.

Meaning: Investors are no longer willing to pay a premium for the company's stock that is far above its Bitcoin Holdings value.

Stock performance: MSTR's stock price has fallen from a high of 457 USD in July to 327 USD, a decline of more than 28%.

Similar trends are also seen in other Bitcoin holding companies, such as Metaplanet, indicating an overall cooling of market sentiment.

Underlying Reasons and Market Interpretation

Standard Chartered analysts pointed out that the decline in premium is related to the following factors:

· Competition in corporate finance departments intensifies

· Market concerns about large-scale stock financing

· Investors are more cautious in evaluating the valuation of Bitcoin holding companies.

The bank warned that if the valuation continues to fall, the Bitcoin holding industry may see a wave of consolidation. For Strategy, this could be an opportunity to acquire competitors at a discount and expand the Bitcoin footprint.

Dual Strategy of Stocks and Bitcoin

Since July 14, the performance of Strategy and Metaplanet stocks has shown a high correlation with Bitcoin prices, but with greater volatility.

Advantages: Financing through stock issuance, continuously increasing BTC reserves

Risk: A fall in stock prices and narrowing premiums may affect future financing ability.

Conclusion

Against the backdrop of stock premiums falling to new lows, Strategy still chooses to increase the position in Bitcoin, demonstrating its firm belief in the long-term value of BTC. In the future, if industry valuations come under further pressure, this Bitcoin whale may leverage its capital advantage to drive industry consolidation and strengthen its market dominance.