Bitcoin’s biggest public holder strategy has expanded its reserves despite the continued decline in stock premiums.
On September 15, the company announced that it had purchased 525 BTC for around $60.2 million and paid an average price of $114,562 per coin.
The latest purchases boosted the strategy’s 2025 Bitcoin yield to 25.9%, increasing its total holding to 638,985 BTC. Acquired for an average of $73,913 per coin for $47,230 million, Stash is currently valued at $73,970 billion, giving businesses an unrealized profit of around 57%.
According to the strategy, it funded the latest Bitcoin purchases through revenue from ongoing stock sales. This brought about roughly $24 million through contested stocks, $17.3 million through strike stocks and another $17 million from the offering of stride perpetual.
Reduced MSTR MNAV
The strategy continues to accumulate Bitcoin, but its market net asset value (MNAV) has fallen to its lowest level since January 2024.
Bitcoin Treasuries data shows that compared to the underlying Bitcoin, the company’s stock tracks the premiums or discounts it trades at is 1.26 times more. This indicates a sharp decline from the 3.14x level seen in November 2024.
The decline in premiums points to a change in investor sentiment. Instead of far exceeding the value of the strategy coin, shareholders are priced stocks that are closer to their actual holdings.
This decline coincides with the current decline in Strategy’s MSTR stock, which has dropped by more than 28% from $457 to $327 since its July peak.
The same trend can be observed in other Bitcoin holding companies, such as Metaplanet.
Standard chartered analysts point to several factors behind the shift, including the busy sector of the company’s Treasury and growing questions about aggressive stock sales from these companies.
With this in mind, the bank warned that if the valuation weakens, it is likely that sectors will consolidate. In such markets, strong companies like Strategies may buy rival deals at discounts to promote efforts focused on Bitcoin.
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