Why Buy MSTR Stock When Bitcoin’s Price Is $107K? The 75% Premium Explained

The Real Bet Isn’t Bitcoin—It’s Persistence

I’ve spent seven years analyzing how companies translate Bitcoin holdings into equity narratives. When MicroStrategy (MSTR) trades at \(175 while holding \)107K BTC per share, the 75% premium isn’t irrational—it’s intentional. These firms aren’t just buying BTC; they’re buying the right to keep buying more BTC—through equity issuance, funded by rising valuations.

The Mechanics of Premiums

The mNAV (market NAV) is the core metric: it measures how many times the stock price exceeds per-BTC value. A 217% premium? That’s Metaplanet betting on exponential growth. But MSTR at 75%? It’s disciplined—cautious leverage, not reckless speculation. These companies use stock issuances not to dilute shareholders—but to compound their BTC exposure over time.

The Narrative Engine

This isn’t accounting—it’s storytelling with teeth. When股价 rises above NAV, investors fund new issuances → those funds buy more BTC → that increases confidence in the narrative → which supports higher prices. It’s a self-reinforcing loop. But remove the premium—and you remove the engine.

The Quiet Risk: What If Premium Vanishes?

I’ve watched executives at Vegas conferences dismiss on-chain proofs as ‘security risks.’ Nonsense. Public keys aren’t private keys; chain transparency protects investors—not endangers them. When MSTR falls to NAV? Equity dilution kicks in. Funding dries up. The narrative collapses.

The Real Question Isn’t ‘Why Pay?’—It’s ‘How Long?’

The next bull run won’t be driven by FOMO or noise—but by firms who maintain disciplined BTC accretion cycles under pressure. MSTR may look expensive today—but its strategy has outlasted every meme coin because it was never about stacking coins. It was about stacking conviction.