The premium that investors are willing to pay for MicroStrategy's common stock has fallen to a 17 month low Golden Finance reports that the premium investors are willing to pay for Michael Saylor's MicroStrategy common stock has fallen to a 17 month low. The data tracking the 'net asset value multiple' (mNAV) shows that MSTR currently only has a premium of 1.4 times its underlying net asset value, the lowest level since February 2024. Even MicroStrategy's own mNAV, which calculates the ratio between MSTR and its $74 billion Bitcoin (BTC) holdings using looser enterprise value rather than base market capitalization, is only 1.61 as of press time. Even the MSTR mNAV chart calculated based on diluted shares shows 1.57, the worst level since February 2024. MicroStrategy is the world's largest Bitcoin reserve company. Its founder claims that MSTR should maintain a premium relative to its BTC holdings due to "credit leverage, option advantages, passive capital inflows, and better institutional channels". Since November 2024, this premium has been continuously eroded and has now returned to its lowest level in February of the previous year.