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Despite Bitcoin's 24% surge this month, investors remain skeptical of Bitcoin-holding companies, led by MicroStrategy.
Analysis indicates that as of August 28, Bitcoin has risen 24% this month, marking its best monthly performance since 2025. However, investors remain skeptical of companies whose primary business is buying and holding Bitcoin, such as MicroStrategy. Currently, MicroStrategy's (MSTR) market capitalization relative to the value of its Bitcoin holdings (mNAV) is 1.06, significantly lower than 3.89 at the end of 2024, reflecting a decline in market confidence in its business model. Earlier this year, companies like MicroStrategy, MARA Holdings, and Empery Digital were forced to sell Bitcoin near its price lows to replenish cash reserves, while Satsuma Technology has even completely abandoned this business model.
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Disclaimer: This content reflects the author's personal views only and does not constitute investment advice.
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