Bitcoin News Today: Bitcoin Hoard vs. Fading Stock: Strategy's NAV Compression Sparks Doubt

Michael Saylor, founder and executive chairman of Strategy, has dismissed rumors that his company is selling Bitcoin, reaffirming its commitment to a long-term holding strategy. The speculation arose after Strategy recently moved Bitcoin to new wallets, sparking community debates on platforms like X about potential reductions in the company's holdings. Saylor, a vocal Bitcoin advocate, has consistently emphasized the company's role as a corporate hodler, with Strategy now holding nearly 642,000 BTC-valued at approximately $61.3 billion as of November 10-following a $49.9 million purchase of 487 BTC at an average price of $102,557 per coin according to reports.

The company's aggressive accumulation strategy, however, contrasts sharply with its stock performance. As of late November 2025, Strategy's market capitalization of $59.92 billion fell below the value of its Bitcoin holdings, a trend that has alarmed investors. This "NAV (net asset value) compression" reflects a growing skepticism about the sustainability of Strategy's debt-funded Bitcoin buying spree. The stock has slid 7.2% in recent sessions, extending a five-day losing streak, as critics question the company's ability to service its preferred dividends and interest costs.

Analysts have highlighted the widening gap between Strategy's market value and its Bitcoin holdings. Jim Chanos, founder of short-selling firm Kynikos Associates, noted the company's mNAV (market multiple of net asset value) has declined to 1.24 times, down from a peak of 1.8 in November 2024. "The thesis has largely played out," Chanos stated, predicting further compression toward a 1.0x mNAV, where the stock trades at par with its Bitcoin reserves. Meanwhile, K33 Research's Vetle Lunde observed a $79.2 billion drop in Strategy's equity premium since November 2024, underscoring waning investor appetite for the company as a vehicle for Bitcoin exposure.

Despite the bearish sentiment, Saylor remains bullish. He reiterated a "HODL" strategy on X, emphasizing that Bitcoin's long-term value is undiminished. The company's latest purchases, including a 487 BTC acquisition at a lower average price than previous buys, aim to capitalize on market volatility. Strategy's total Bitcoin holdings, now valued at $47.54 billion, reflect an average cost basis of $74,079 per coin, significantly below current prices.

Saylor's strategy has also expanded geographically. In November 2025, Strategy launched a euro-denominated preferred stock offering to raise $702 million, signaling its intent to diversify funding sources for future Bitcoin purchases. This move aligns with the broader "DAT (digital asset treasury) race" among corporations, though Strategy remains the largest corporate Bitcoin holder by volume according to data.

However, risks persist. If Bitcoin's price dips below $91,500 by 2027-assuming a 1x NAV multiple-Willy Woo, a Bitcoin analyst, warned of potential partial liquidation to cover debt obligations. For now, Strategy's survival hinges on Bitcoin's recovery and investor confidence in Saylor's vision https://cointelegraph.com/news/strategy-s-nav-falls-under-1-critics-raise-alarm-after-dollar5-7b-bitcoin-wallet-move.