Key Insights
- •Strategy announced an $835 million acquisition of 8,178 BTC on November 17.
- •This purchase represented the firm’s most significant Bitcoin-denominated buy since July 29 and pushed total holdings to 649,870 BTC.
- •Strategy now controls approximately 3.1% of Bitcoin’s total circulating supply amid ongoing mNAV compression.
Strategy disclosed on November 17 that it acquired 8,178 BTC for approximately $835 million, marking its most substantial single purchase since July 29, when the firm bought 21,021 coins. The Virginia-based company’s total cost basis reached $48.37 billion following the transaction, with an average acquisition price of $74,430 per coin across all holdings. Strategy’s Bitcoin treasury now stood at 649,870 BTC, equivalent to roughly 3.1% of the cryptocurrency’s maximum supply.
Purchase Arrives Amid Sub-1.0 mNAV Trading
The aggressive accumulation occurred while Strategy’s stock traded at a discount to its underlying Bitcoin holdings. At press time, MSTR shares reflected an mNAV of 0.93, meaning investors valued the stock below the company’s net asset value. Strategy’s mNAV first breached 1.0 on November 13 when shares traded at $222.31, declining 1.2% in early trading. Bitcoin Treasuries data recorded the mNAV at 0.977 that day, marking the first instance the firm traded below net asset value since January 11, 2024. The development represented a fundamental shift in how markets valued digital asset treasury companies. The premium that MSTR stock commanded over its Bitcoin reserves evaporated as investor sentiment shifted amid tightening liquidity and broader pressure in the crypto industry.
Executive Sales Preceded Major Acquisition
Shao Wei-Ming, Strategy’s Executive Vice President and General Counsel, sold 10,668 MSTR Class A shares on November 10 and 11 at weighted-average prices between $234.75 and $249.56. The transactions generated approximately $2.58 million in proceeds. According to SEC filings submitted on November 12, the executive exercised stock options at $69.12 per share before executing sales under a Rule 10b5-1 trading plan established on July 11. The transactions occurred as Shao prepared for retirement effective December 31. The executive’s cumulative stock sales of Strategy since 2021 have exceeded 250,000 shares, with proceeds surpassing $90 million. Shao retained 12,726 MSTR Class A shares plus Series A Perpetual preferred stock after the latest dispositions.
Digital Asset Treasury Narrative Faced Fatigue
Strategy’s November purchase arrived against a backdrop of slowing corporate Bitcoin accumulation throughout 2025. CryptoQuant data showed corporate reserves reached a record 840,000 BTC in August, yet monthly purchases and transaction sizes dropped to year-to-date lows. Strategy’s own monthly acquisitions contracted from 134,000 BTC in November 2024 to 3,700 BTC in August 2025. Other treasury firms experienced similar deceleration, with corporate purchases falling from approximately 66,000 BTC in June to 14,800 BTC in August. K33 Research characterized the corporate Bitcoin treasury trade as showing “clear signs of fatigue” in September.
The mean mNAV multiple across treasury firms decreased from 3.76 in April to 2.8, with approximately one in four listed treasury companies trading below the value of their BTC reserves. Public companies added roughly 14,400 BTC in October, the lowest monthly total of 2025 and a 63% drop from September’s approximately 38,000 BTC. Average transaction sizes declined 80-90% as firms adopted smaller, more cautious positions.
Industry Questions Treasury Value Proposition
Bitget CEO Gracy Chen stated on November 12 that the mNAV collapse undermined the core value creation logic of digital asset treasury companies. The premium disappearance eliminated these firms’ ability to leverage market-to-NAV ratios for further accumulation. Chen noted that trading below net asset value indicated markets saw no advantage in holding MSTR stock over Bitcoin directly. The executive warned that compressed premiums “substantially reduce” treasury companies’ ability and incentive to issue equity for continued purchases. The Bitget CEO suggested Strategy’s mNAV could decline to 0.5-0.8, following precedents set by GBTC during its discount phase.
Metaplanet’s Response Offers Parallel Strategy
Strategy’s $835 million purchase mirrored tactics employed by Metaplanet when it faced similar mNAV compression. The Tokyo firm’s ratio dipped below 1.0 in late October, prompting aggressive countermeasures. On October 31, Metaplanet drew $100 million from a Bitcoin-backed credit agreement and allocated proceeds toward additional BTC acquisitions and share repurchases. Three days earlier, the company announced a $500 million BTC-collateralized credit facility to fund buybacks of up to 150 million shares. Metaplanet held approximately 30,823 BTC as of October 31 and maintained its commitment to achieving 210,000 BTC by 2027. Strategy’s latest acquisition demonstrated that digital asset treasury firms retained the capacity for substantial Bitcoin purchases despite unfavorable mNAV conditions. The $835 million transaction positioned the company to potentially reignite institutional interest in treasury strategies as it accumulated 649,870 BTC worth over $48 billion.