MSTR's $2.87B Trading Volume Ranks 21st as Bitcoin Hoard Swells and mNAV Plummets

On September 16, 2025, Strategy (MSTR) traded with a volume of $2.87 billion, ranking 21st in market activity. The stock rose 2.23% to $327, reflecting a partial recovery from a 28% decline since its July peak. The firm’s latest Bitcoin acquisition of 525 BTC at $114,562 per coin added $60.2 million to its holdings, raising its total stash to 638,985 BTC valued at $73.97 billion. This follows a year of aggressive accumulation, with the portfolio acquired at an average price of $73,913 and now carrying a 57% unrealized profit.

Despite the Bitcoin buildup, Strategy’s market net asset value (mNAV) has fallen to 1.26x, the lowest since January 2024, down from 3.14x in November 2024. This contraction indicates a shift in investor behavior, with shares trading closer to the firm’s actual Bitcoin holdings rather than at a premium. The mNAV decline coincides with broader market skepticism, including concerns over corporate treasury saturation and ongoing share sales by Strategy, which have raised $58.3 million through Strife, Strike, and Stride offerings.

Analysts note that the sector faces potential consolidation if valuations remain weak. Stronger firms like Strategy may leverage their discounted peers to expand Bitcoin-centric strategies. However, the falling mNAV underscores a lack of appetite for speculative premiums, as investors increasingly price the stock based on tangible assets rather than growth narratives.

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