Key Insights
- •Strategy (MSTR) stock traded below its mNAV at 0.977 for the first time since January 2024.
- •Executive Vice President Shao Wei-Ming sold approximately $2.58 million in Strategy stock under a pre-planned trading arrangement.
- •The premium collapse raised questions about the viability of digital asset treasury companies in current market conditions.
MSTR Stock Trades Below Net Asset Value
Strategy MSTR stock traded at $222.31 on November 13, down 1.2% in early trading as the company’s market-to-net-asset-value (mNAV) ratio fell below 1.0 for the first time in nearly two years.
According to Bitcoin Treasuries data, Strategy, previously MicroStrategy, mNAV stood at 0.977, marking the first time the company traded below its net asset value since January 11, 2024, when the metric remained underwater until February 4 of the same year.
The development represented a fundamental shift in how markets valued digital asset treasury companies that accumulated Bitcoin on their balance sheets.
The premium that MSTR stock commanded over its underlying Bitcoin holdings evaporated as investor sentiment shifted amid tightening market liquidity and broader pressure in the crypto sector.
The company’s shares reflect a discount to their net asset value rather than the typical premium that characterized their trading pattern throughout most of 2024 and 2025.
MSTR Stock: Executive Sales Total Nearly $2.6 Million
Shao Wei-Ming, Executive Vice President and General Counsel of Strategy, sold 10,668 MSTR Class A shares on November 10 and 11 at weighted-average prices between approximately $234.75 and $249.56 for total proceeds of about $2.58 million.
According to a Form 4 filing submitted to the SEC on November 12, the executive exercised stock options at an exercise price of about $69.12 per share before executing the sales under a Rule 10b5-1 trading plan established on July 11.
The transactions occurred as Shao prepared for retirement, effective December 31, as disclosed in a Form 8-K filing dated July 1.
The executive maintained direct ownership of 12,726 MSTR Class A shares, plus Series A Perpetual preferred stock, after the sales.
This marked the latest in a series of substantial stock dispositions by Shao throughout 2025, including sales of 20,000 shares in April at around $314 for approximately $6.29 million.
This follows a sale of 20,000 shares in July at nearly $418.60 for roughly $8.37 million, 10,000 shares in September at an average $355.79 for about $3.6 million, and 30,000 shares in October at around $357 for proceeds of roughly $10.7 million.
Insider tracking aggregators tallied Shao’s cumulative sales since 2021 at more than 250,000 Strategy stock shares, with proceeds exceeding $90 million.
However, the executive retained thousands of shares and substantial options, as well as preferred positions, following the transactions.
Industry Questions Value Proposition of Digital Asset Treasuries
Bitget CEO Gracy Chen stated on November 12 that the mNAV collapse undermined the core value creation logic of digital asset treasury companies by eliminating their ability to maintain and leverage their market-to-NAV premium.
The current situation indicates that the market is declaring that holding MSTR stock offers no advantage over holding Bitcoin directly.
Chen noted that the premium disappearance marked a critical moment for the entire digital asset treasury industry, as trading volumes shrank while participants awaited the government’s reopening.
The timing squeezes liquidity significantly and potentially triggers an industry-wide revaluation.
The Bitget executive warned that digital asset treasuries offer leveraged gains in bull markets but can become liabilities during downturns.
Besides, it hints at the possibility that MSTR stock mNAV could drop to 0.5-0.8, following precedents set by GBTC during its discount phase.
Saylor Dismisses Short-Seller Concerns
Strategy (MSTR) Executive Chairman Michael Saylor addressed skeptics in a November 13 Yahoo interview, stating that critics had failed to appreciate the growth of digital capital from nothing to $2.5 trillion over 15 years and had misunderstood the evolution of digital credit markets.
Saylor highlighted that the company issued nearly $8 billion in digital credit, which offers tax-equivalent yields four times higher than bank credit.
This is evident in the company’s STRC preferred stock, which yields 10.5% tax-deferred returns compared to 4% taxable returns on bank accounts.
The executive dismissed short-sellers as uninterested in understanding how AI and digital assets would change global financial systems, focusing instead on skepticism as a business model.
MSTR Stock Analysis Suggests Potential Recovery
Trader Ace of Trades noted in a November 13 analysis that MSTR stock showed a strong rebound from early selling pressure near $223.50, where buyers absorbed liquidity and initiated a steady climb.
The uptrend accelerated and broke through mid-level resistance near $225.50, driven by aggressive buying imbalances.
Heavy liquidity concentration above $227.00 acted as a ceiling, leading to minor exhaustion and sideways consolidation around $225.80 to $226.00.
The current order flow indicates balanced participation, as buyers defended $225.50 and suggested a potential continuation higher if that level held, while upper liquidity at $227.00 began to thin.
The technical setup indicated that Strategy stock faced a critical juncture where maintaining support above $225.50 could enable further recovery.
At the same time, failure to hold that level might accelerate the MSTR stock decline below the symbolic mNAV threshold.