Strategy stock price falls to a 13-month low, still trades at nearly 20% premium to its bitcoin holdings

Jinse Finance reported that as the price of bitcoin fell back to $98,000, Strategy (MSTR) dropped another 6.6% on Thursday, expanding its year-to-date decline to 30%, with its stock price returning to the level before Trump's election last November. Although the company holds 641,700 bitcoins (worth about $63.2 billion), its enterprise value (including preferred shares and debt) has reached $75.4 billion, representing a premium of nearly 20% over the value of its bitcoin holdings. According to the company's dashboard, its mNAV ratio is currently 1.19. Analysis shows that although some investors believe MSTR has entered a buying range, considering the company's debt and preferred equity, its common stock is still trading above the actual value of its bitcoin holdings.