"Although Strategy's market cap ($55.7 billion) remains below the value of the $60.6 billion in Bitcoin it owns, its mNAV ratio (enterprise value over its Bitcoin holdings) has risen to 1.16 this morning. If Strategy's mNAV falls below 1, owning the stock becomes a money-losing prospect and the company said it may be theoretically forced into selling part of its Bitcoin horde. Saylor may have BlackRock and its retail investors to thank for helping it avoid that crisis."
""BlackRock, which, despite heavy outflows of roughly 23,226 BTC between Nov. 1 and Dec. 1, has still added a net 24,411 BTC compared with the previous quarter," analyst Paul Hoffman wrote in a research note for BestBrokers.com, a site that ranks trading platforms. BlackRock's iShares Bitcoin Trust (IBIT) now owns just under 60% of all Bitcoins owned by ETFs, he said, bringing its total to 776,474.65 coins as of Dec. 1. Its Q4 buying was preceded by the acquisition of another 71,236 coins in Q3, Hoffman wrote."
Bitcoin rallied from just above $84,000 on Nov. 22 to just above $93,000, a near 11% gain. MicroStrategy's stock rose 3.9% yesterday and 8.4% over the last five sessions, with a market cap of $55.7 billion versus $60.6 billion of Bitcoin holdings, pushing its mNAV to 1.16. The company warned that an mNAV below 1 could force Bitcoin sales. BlackRock's iShares Bitcoin Trust added a net 24,411 BTC compared with the previous quarter and held 776,474.65 coins as of Dec. 1, about 3.9% of all existing Bitcoin and roughly 60% of ETF-held coins.
Read at Fortune
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