#MicroStrategy

Adam Back Defends MicroStrategy’s Stock Premium as ‘Reasonable’

Blockstream CEO Adam Back told Bitcoin podcaster Stephan Livera at $BTC Prague that MicroStrategy’s (MSTR) stock premium is justified, citing its rapid growth in market net asset value (mNAV). Back noted that MSTR typically doubles its Bitcoin per share in ~16-18 months, supporting its 1.7x-1.9x premium. “You’re derisked after about a year and a half,” he said, emphasizing MSTR’s $60.89B Bitcoin holdings (592,100 $BTC ). Despite a 7.45% drop over the past month, Back argues the premium aligns with MSTR’s track record.

Back also highlighted volatility in Bitcoin treasury firms like Metaplanet, which holds 10,000 $BTC after a recent 1,112 BTC purchase, surpassing Coinbase as the seventh-largest public Bitcoin holder. High mNAV fluctuations can be “nervous,” but recoveries have been consistent.