Strategy (MSTR): what happens when the premium becomes a discount
840,000 bitcoin, a $75,476 cost basis, and an mNAV that fell below 1.0 in June — after which the company that never sold started selling.
14 August 2026TradFi
Listed companies holding crypto on the balance sheet, ranked by size. This is where traditional finance and crypto actually meet — and where the leverage sits.
| Company | Holdings | Value | Price | 24h |
|---|---|---|---|---|
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840,000 bitcoin, a $75,476 cost basis, and an mNAV that fell below 1.0 in June — after which the company that never sold started selling.
14 August 2026A treasury company is a leveraged bet on the asset plus a capital structure you have to underwrite separately. Most funded their buying with debt or preferred stock carrying fixed obligations — those payments do not shrink when the price falls. That is why the shares routinely move two or three times as far as the coin on the same day, in both directions.
The mechanism that drove the whole trade was the premium to net asset value. While a company trades above the value of its holdings it can issue shares, buy more, and increase holdings per share without the price moving. Below that premium the flywheel runs backwards. Strategy crossed that line in June, and it is the single most important number to watch across the sector.
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Holdings data from CoinGecko's public treasury dataset, updated as companies file. Share prices, where shown, from the API Worker.