4 September 2025
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Strategy’s mNAV Hits Cycle Peak as IBIT Options Launches
On November 19, BlackRock's iShares Bitcoin Trust (IBIT) launched with over $2 billion in trading volume on its first day.
- MSTR's multiple to net asset value (mNAV) peaked at 3.141 on November 20, coinciding with bitcoin approaching $100,000 and MSTR stock hitting $540.
- MSTR has since dropped 40%, with its mNAV declining to 1.55. At peak, MSTR held 331,200 BTC, an increase of approximately 305,000 BTC from prior holdings.
- MSTR offers equity exposure and volatility from bitcoin, serving as a leveraged play and option strategy tool, in contrast to IBIT’s direct exposure to spot bitcoin.
- Since January 2024, MSTR has gained over 515%, while IBIT has increased by 128%. MSTR leads in historical trading volume and volatility metrics.
- Bitcoin implied volatility is currently below 40, indicating subdued market expectations for future price fluctuations, which may impact the momentum of leveraged products like MSTR.