MicroStrategy’s current market structure creates a situation where the equity is trading almost directly on top of its underlying net Bitcoin value. After subtracting all debt and even the near-term preferred dividend commitments through year-end, the company’s effective net asset value comes out to roughly $184.49 per share, versus a market price of $186.50. In other words, investors today are paying a premium of only about $2 per share, or roughly 1%, to access the company’s nearly 650,000 BTC position.

When MicroStrategy trades this close to its Bitcoin-backed book value, the thesis becomes straightforward. If Bitcoin’s price moves higher, MicroStrategy’s NAV rises mechanically with it. The company’s structure essentially gives shareholders a leveraged exposure to Bitcoin, yet the current premium is unusually narrow. For anyone who believes Bitcoin continues to appreciate, the setup resembles an asymmetric opportunity: limited downside relative to NAV and direct upside participation in BTC appreciation. Data and charts below.

STRF

• Price: $98

• Shares: 12.44M

• Mkt Cap: $1.22B

• Dividend: $2.50

• Payout (Nov–Dec): $31.1M

STRC

• Price: $94.59

• Shares: 28.01M

• Mkt Cap: $2.65B

• Dividend: $0.88

• Payout (Nov–Dec): $49.0M

STRK

• Price: $76.33

• Shares: 13.92M

• Mkt Cap: $1.06B

• Dividend: $2.00

• Payout (Nov–Dec): $27.8M

STRD

• Price: $66.43

• Shares: 12.54M

• Mkt Cap: $0.83B

• Dividend: $3.06

• Payout (Nov–Dec): $38.3M

Total dividends owed (Nov–Dec): $146.3M

Metric	Value
Share Price	$186.50
Shares Outstanding	267,713,000
Market Cap	$49,928,474,500
BTC Held	649,870 BTC
BTC Price	$90,394
BTC Value (USD)	$58,744,628,224
Outstanding Debt	–$9,208,000,000
Preferred Dividends Owed (Nov–Dec)	–$146,261,974
Effective NAV (BTC – Debt – Dividends)	$49,390,366,250
NAV per Share	$184.49
Premium (Price – NAV)	$2.01