The premium that investors are willing to pay for MicroStrategy's common stock has fallen to a 17-month low.

Golden Finance reports that the premium investors are willing to pay for MicroStrategy’s common stock under Michael Saylor has fallen to a 17-month low. Data tracking the “net asset value multiple” (mNAV) indicates that MSTR is currently priced at only 1.4 times its underlying net asset value, the lowest level since February 2024. Even MicroStrategy’s own announced mNAV—this metric uses a broader enterprise value instead of the underlying market cap to calculate the ratio between MSTR and its $74 billion worth of Bitcoin (BTC)—was only 1.61 at the time of writing. Even the MSTR mNAV chart calculated on a diluted share basis shows 1.57, the lowest level since February 2024. MicroStrategy is the largest Bitcoin reserve company in the world. Its founder claims that due to “credit leverage, option advantages, passive capital inflows, and higher quality institutional channels,” MSTR should maintain a premium relative to its BTC holdings. Since November 2024, this premium has been continually eroded and has now returned to the lowest level since February of the previous year.