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MicroStrategy (MSTR) recently saw its stock price decline and is currently trading at around $1,260 per share, down 35% from its recent high of nearly $2,000. This decline is in line with Bitcoin (BTC)'s 8% decline over the same period.
Despite the recent downturn, MicroStrategy stock has outperformed Bitcoin year-to-date – with MSTR up 84% compared to BTC's 44% rise.
BTCUSD vs MSTR: (Source: TradingView)
MSTR tracker data shows the “MSTR/BTC Ratio” chart, which illustrates the comparative value between MicroStrategy's stock price and Bitcoin price, which peaked at around 0.028, similar to its 2021 peak but has since increased fell 0.02.
MSTR/BTC ratio: (Source: MSTR-tracker)
Additionally, the “NAV Premium” chart created by MSTR-tracker, which shows MicroStrategy stock’s premium over its Bitcoin-based net asset value (NAV), has fallen from around 2.3 to 1.4, indicating a reduction in the MicroStrategy's market valuation indicates the company's shares compared to its Bitcoin holdings.
NAV Premium: (Source: MSTR-tracker)
However, the most important metric for MSTR's analysis is “BTC per share” – it represents the amount of Bitcoin that each outstanding share of MicroStrategy corresponds to. According to MSTR tracker, this metric is currently near its all-time high at 0.012, suggesting that investors are accumulating more Bitcoin per share over the long term.
BTC per share: (Source: MSTR-tracker)
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