MicroStrategy Stock dey follow Bitcoin Rally, NAV Premium fall

MicroStrategy stock don perform less well pass Bitcoin even though say di cryptocurrency don reach record high pass $124,000 for 2025. Di company get about 629,000 BTC weh dem value na $72.5 billion, but e market capitalization na $104 billion mean say di net asset value (NAV) multiple na only 1.4×—drop from 2.5–3× for 2024. Di share count don grow pass 40% since 2022 because of equity sales and convertible debt, plus di cheap financing time don end. MicroStrategy don start to issue preferred shares, weh dey limit financial flexibility. Meanwhile, spot Bitcoin ETFs weh BlackRock’s $89 billion fund dey lead and retail platforms like Coinbase and Robinhood don reduce di need for corporate proxy, weh dey press di NAV premium down. One key support level show for $360 after Vanguard cut im stake and hedge funds come dey enter. Other treasury style plays like Japan’s Metaplanet don see their share prices drop pass 30%. Analysts dey divided with price targets from $360 to $570. Traders suppose dey watch Bitcoin market trends and MicroStrategy financing moves for short and long-term risk management.