---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/39218535.md"
description: "Many people only see that $Strategy(MSTR.US) has been continuously buying Bitcoin, but they overlook a rather crucial piece of data:Currently, Strategy's enterprise value is approximately $62 billion, while the value of the Bitcoin it holds is about $51.4 billion, meaning the market has given it a premium of around $10 billion.This premium is essentially the "engine" for its continued Bitcoin purchases.The logic is this:Strategy's stock price > BTC asset value → The company can issue shares for financing → Buy more BTCBut if this premium disappears one day, the entire model will get stuck.This happened once before in early February when Strategy's price fell close to its BTC net asset value, and the market briefly doubted whether this model could continue.So, I now see an interesting game in Strategy:Bulls: Long-term BTC bull marketBears: Strategy's premium collapseI'm actually not very confident in holding this stock for the long term; it's more suitable for cyclical trading."
datetime: "2026-03-12T07:56:39.000Z"
locales:
  - [en](https://longbridge.com/en/topics/39218535.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/39218535.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/39218535.md)
author: "[雨の記録](https://longbridge.com/en/profiles/26777820.md)"
---

# Many people only see that $Strategy(MSTR.US) has b…


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## Comments (6)

- **用戶_EtjDls · 2026-03-12T11:44:35.000Z**: I think it's not an exaggeration to call it an active Bitcoin value fund.
- **勝利的雅典娜 · 2026-03-12T10:37:20.000Z**: Most stocks have a price-to-book ratio exceeding 1😂😂
- **小额长期主义 · 2026-03-12T09:05:21.000Z**: So MSTR is actually a hybrid product of "capital markets + cryptocurrency".
  - **雨の記録** (2026-03-12T09:05:53.000Z): Exactly, it's the one that most resembles a crypto asset among traditional stocks.
- **等风来的人 · 2026-03-12T09:05:05.000Z**: During a bull market, everyone ignores valuations and only focuses on the story.
- **盘中不说话 · 2026-03-12T09:04:45.000Z**: What you're talking about is actually the mNAV logic.