--- title: "The Bitcoin treasury effect: How 845,000 BTC pumped MSTR’s stock by 16%" type: "News" locale: "en" url: "https://longbridge.com/en/news/299570673.md" description: "Strategy (MSTR) stock surged 16.39% to close at $153.92, driven by high trading volume of 54.67 million shares. The rally reflects the 'Bitcoin treasury effect,' as MSTR's valuation is heavily tied to its ~845,000 BTC holdings worth roughly $69 billion. Despite the price jump, MSTR's market cap remains below its Bitcoin asset value, keeping the mNAV near parity. This performance highlights the strong correlation between MSTR and BTC price movements." datetime: "2026-09-21T00:04:56.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/299570673.md) - [en](https://longbridge.com/en/news/299570673.md) - [zh-HK](https://longbridge.com/zh-HK/news/299570673.md) generator: "portal-rs" --- # The Bitcoin treasury effect: How 845,000 BTC pumped MSTR’s stock by 16% Strategy’s latest surge shows a sharp shift in market activity around the stock. Strategy \[MSTR\] opened at $136.58 before climbing steadily through the session, eventually closing at $153.92. This resulted in a 16.39% gain based on the 54.67 million shares that were traded against its average of 20-24 million shares per day. While both the magnitude of the price movement and the increased number of shares traded are indicative of significant activity relative to normal levels of trade volume. Still, this does not indicate that the price has been driven solely by low volume and thin liquidity. Source: Stock Analysis Further, MSTR retained the majority of those gains until the end of the trading day. This indicated that there was enough purchasing interest present to maintain a tight spread throughout much of the day. For Strategy to continue to generate further momentum, it would need to demonstrate sustained interest after the excessive volume spike experienced recently. ## Bitcoin drives MSTR’s value Behind MSTR’s rising equity value is a Bitcoin treasury worth roughly $69 billion. Strategy holds around 845,000 BTC, making Bitcoin’s price a key driver of its valuation. Therefore, Strategy’s performance is largely driven by the price of Bitcoin \[BTC\]. When the price of Bitcoin goes up, so does the value of the Bitcoin treasury, which drives up the price of shares in MSTR. Source: Mnav.com Yet MSTR’s market value remains around $59 billion, below the estimated value of its Bitcoin holdings. This keeps its mNAV near parity, rather than at the large premiums seen in previous cycles. Meanwhile, MSTR’s 16.39% daily gain shows how highly correlated MSTR may be to the movements of BTC. The way in which strategy holds Bitcoin creates an opportunity for increased exposure to BTC upswings. However, the same structure makes MSTR more exposed to downswings in the price of Bitcoin. ## MSTR gains a regulatory tailwind ### Related Stocks - [STRC.US](https://longbridge.com/en/quote/STRC.US.md) - [STRD.US](https://longbridge.com/en/quote/STRD.US.md) - [GBTC.US](https://longbridge.com/en/quote/GBTC.US.md) - [MSTR.US](https://longbridge.com/en/quote/MSTR.US.md) - [STRF.US](https://longbridge.com/en/quote/STRF.US.md) - [STRK.US](https://longbridge.com/en/quote/STRK.US.md) - [BTCO.US](https://longbridge.com/en/quote/BTCO.US.md) - [MSTX.US](https://longbridge.com/en/quote/MSTX.US.md) - [MSTZ.US](https://longbridge.com/en/quote/MSTZ.US.md) - [FBTC.US](https://longbridge.com/en/quote/FBTC.US.md) - [HODL.US](https://longbridge.com/en/quote/HODL.US.md) - [MSTU.US](https://longbridge.com/en/quote/MSTU.US.md) - [MSTW.US](https://longbridge.com/en/quote/MSTW.US.md) - [EZBC.US](https://longbridge.com/en/quote/EZBC.US.md) - [MSTP.US](https://longbridge.com/en/quote/MSTP.US.md) - [BTCW.US](https://longbridge.com/en/quote/BTCW.US.md) - [MST.US](https://longbridge.com/en/quote/MST.US.md) - [BITB.US](https://longbridge.com/en/quote/BITB.US.md) - [ARKB.US](https://longbridge.com/en/quote/ARKB.US.md) - [SMST.US](https://longbridge.com/en/quote/SMST.US.md) - [MSOO.US](https://longbridge.com/en/quote/MSOO.US.md) - [WNTR.US](https://longbridge.com/en/quote/WNTR.US.md) - [BRRR.US](https://longbridge.com/en/quote/BRRR.US.md) - [IBIT.US](https://longbridge.com/en/quote/IBIT.US.md) - [BITO.US](https://longbridge.com/en/quote/BITO.US.md) - [IMST.US](https://longbridge.com/en/quote/IMST.US.md) - [MSDD.US](https://longbridge.com/en/quote/MSDD.US.md) - [MSST.US](https://longbridge.com/en/quote/MSST.US.md) - [MSTY.US](https://longbridge.com/en/quote/MSTY.US.md) - [MTYY.US](https://longbridge.com/en/quote/MTYY.US.md) - [03008.HK](https://longbridge.com/en/quote/03008.HK.md) - [03042.HK](https://longbridge.com/en/quote/03042.HK.md) - [03430.HK](https://longbridge.com/en/quote/03430.HK.md) - [07799.HK](https://longbridge.com/en/quote/07799.HK.md) - [09399.HK](https://longbridge.com/en/quote/09399.HK.md) - [BTCE.DE](https://longbridge.com/en/quote/BTCE.DE.md) ## Related News & Research - [What is driving Bitcoin higher right now](https://longbridge.com/en/news/299628885.md) - [Michael Saylor Says, 'A Little More Orange': Will Strategy Report BTC Purchases After Hitting Pause for 3 Weeks?](https://longbridge.com/en/news/299601303.md) - [Osmosis Took 74 Days To Discover A 40-BTC Nomic Exploit That Left Its Bitcoin-Backed Asset 36% Unbacked](https://longbridge.com/en/news/298903281.md) - [$320 million: Ruined by a single cache key](https://longbridge.com/en/news/299443247.md) - [Stacks launches first institutional Bitcoin bond with staking program](https://longbridge.com/en/news/299529063.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**