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ZEC $1,224 Strategy Tokenized Value Hits $491M as MSTR Stock Slips
Strategy becomes the most tokenized company with $491 million in combined tokenized value, while MSTR closed at $151.47.
Key takeaways
- Tokenization lead. Strategy's tokenized MSTR and STRC value totals $491 million.
- Bitcoin holdings. Strategy holds 848,000 Bitcoin, which cost $63.97 billion overall.
- Ratio below one. Strategy's mNAV ratio dropped to 0.93, according to Strategy Tracker.
What happened
Strategy has become the most tokenized company on-chain, surpassing Nvidia, Tesla, and SpaceX. The combined tokenized value of STRC and Strategy shares reached $491 million. MSTR's tokenized value is $246 million, and STRC's tokenized value is $245 million. The market cap of tokenized stocks surged to an all-time high above $3.8 billion.
MSTR stock closed October 8 at $151.47, down 1.24%, after a two-day decline. The shares traded between $147.37 and $153.63 Thursday, with about 23.7 million shares changing hands. The closing price stood nearly 11% below the October 2 intraday high of $170.17. Shares also reached $168.73 on October 6.
Bitcoin retreated from roughly $87,200 on October 2, falling below $84,000 on October 7 and closing near $81,700 Thursday. Reported Bitcoin liquidations exceeded $166 million on October 7. Bitcoin briefly approached $80,400 early Friday before recovering.
Why it matters
Tokenization gives investors exposure to stocks like MSTR through on-chain tokens. Nasdaq CEO Adena Friedman says tokenization could unlock tens of billions of dollars in capital that is currently locked up in collateral.
Strategy's mNAV ratio dropped to 0.93, according to Strategy Tracker, suggesting the market prices Strategy below the value of its Bitcoin holdings. Another source, BTCorMSTR, reported a market-cap net asset value ratio of 0.98 on October 8, compared with roughly 1.2 during September's rally.
Strategy holds 848,000 Bitcoin, more than 4% of Bitcoin's fixed supply. Its holdings cost $63.97 billion overall, and the company sits on an unrealized profit of $5.8 billion.
What the data shows
- Combined tokenized value: $491 million.
- MSTR tokenized value: $246 million.
- STRC tokenized value: $245 million.
- MSTR closing price: $151.47 on October 8.
- Strategy Bitcoin holdings: 848,000 Bitcoin.
- Strategy holdings cost: $63.97 billion.
- mNAV ratio: 0.93 from Strategy Tracker, 0.98 from BTCorMSTR.
- 30-day Bitcoin correlation: 0.88, beta: 2.28.
Background
- Strategy was formerly known as MicroStrategy.
What is still unclear
- The reports show different mNAV ratios: Strategy Tracker says 0.93, while BTCorMSTR says 0.98 on October 8. The reports do not explain the difference.
- MSTR closed below support at the 200-day EMA, but pre-market trading showed a 2.3% gain. It is unclear if the uptrend continues.
Questions readers ask
What is Strategy's tokenized value?
Strategy's combined tokenized value for MSTR and STRC is $491 million. MSTR accounts for $246 million, and STRC accounts for $245 million.
How much Bitcoin does Strategy hold?
Strategy holds 848,000 Bitcoin, which cost $63.97 billion overall. The company says this is more than 4% of Bitcoin's fixed supply.
Why did MSTR stock fall?
MSTR closed at $151.47 on October 8, down 1.24%, as Bitcoin retreated from roughly $87,200 on October 2 to near $81,700 Thursday. Bitcoin liquidations exceeded $166 million on October 7.
What is Strategy's mNAV ratio?
Strategy's mNAV ratio dropped to 0.93, according to Strategy Tracker. BTCorMSTR reported a market-cap net asset value ratio of 0.98 on October 8.
