The premium investors are willing to pay for MicroStrategy's common stock has fallen to a 17-month low

CoinWorld reported that the premium investors are willing to pay for MicroStrategy's common stock under Michael Saylor has fallen to a 17-month low. Data tracking the 'Net Asset Value Multiple' (mNAV) indicates that MSTR is currently priced at only 1.4 times its underlying net asset value, the lowest level since February 2024. Even the mNAV published by MicroStrategy itself—this metric uses a more lenient enterprise value rather than the underlying market capitalization to calculate the ratio between MSTR and its $74 billion Bitcoin (BTC) holdings—was only 1.61 at the time of writing. Even the diluted share MSTR mNAV chart shows 1.57, the worst level since February 2024. MicroStrategy is the largest Bitcoin reserve company in the world. Its founder claims that due to 'credit leverage, options advantage, passive capital inflows, and higher quality institutional channels', MSTR should maintain a premium relative to its BTC holdings. Since November 2024, this premium has been continuously eroded and has now returned to the lowest level since February of the previous year.