Strategy Inc.'s Vanishing Premium Puts Bitcoin Tracker in a Bind

Strategy Inc., a company that tracks Bitcoin prices and offers investors a way to gain exposure to the cryptocurrency market, is facing a significant challenge. The premium investors once paid for its corporate wrapper has vanished, leaving the stock trading at a discount compared to the value of its Bitcoin holdings.

The premium, tracked by the mNAV metric, had collapsed from 3.4 times net asset value in November 2024 to just 0.68 times by early August 2026. This means that investors are now demanding a discount for the privilege of holding Strategy's shares.

This is a problem because the premium was the engine that drove Strategy's growth. It allowed the company to issue fresh equity at favorable terms, raise capital, and buy more Bitcoin, creating a self-reinforcing loop that powered the stock upward.

However, with the mNAV trading below 1.0, issuing new shares to buy additional Bitcoin becomes a value-destructive exercise for existing holders rather than an accretive one. The flywheel that carried Strategy upward for so long has stalled precisely at the moment it might have offered protection.