MicroStrategy Market Cap Drops Below Value of Its Bitcoin Holdings
MicroStrategy's stock briefly traded below the value of its Bitcoin holdings this week, with the company's market cap around $65.34 billion versus roughly $66.59 billion tied to its 641,692 BTC position. That inversion—a public company valued less than its disclosed crypto assets—is uncommon and underscored growing unease among investors toward the world's largest corporate holder of Bitcoin.
The gap matters because it reflects a discount investors apply for factors beyond spot BTC exposure: leverage from debt-funded purchases, operational and governance risks, potential tax or accounting implications, and the chance of future dilution. For holders of MSTR shares and observers of institutional crypto adoption, the move is a reminder that corporate accumulation of Bitcoin does not eliminate equity-level risks and can amplify volatility in changing market conditions.