For 28 months, the basic premium of Strategy’s (formerly MicroStrategy) common stock, MSTR, to its bitcoin (BTC) holdings has been declining, and has now fallen below 1x.

Since July 2023, it would have been better to just have owned BTC than to have bought MSTR and now the market capitalization of MSTR is less than the value of the BTC it holds.

It’s a sad day for anyone who believed, like founder Michael Saylor, that MSTR is Amplified BTC.

Indeed, it turns out that lately, MSTR has been quite the opposite.

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