YEREVAN (CoinChapter.com) — Strategy, formerly MicroStrategy, acquired 6,556 Bitcoin (BTC) worth around $555.8 million. The company paid an average price of $84,785 per BTC. This brings its total holdings to 538,200 BTC as of April 20, 2025.
Chairman Michael Saylor confirmed the figures in a post, stating,
“MSTR has acquired 6,556 BTC for ~$555.8 million at ~$84,785 per bitcoin and has achieved BTC Yield of 12.1% YTD 2025.”
Strategy’s total Bitcoin investment stands at roughly $36.47 billion, with an average cost basis of $67,766 per coin.
The company calculates Bitcoin yield by tracking the growth in BTC holdings per share. This model has been in place since Strategy began accumulating Bitcoin in August 2020. The 12.1% yield for 2025 reflects the impact of recent Bitcoin price increases, including a 3% gain over the past 24 hours.
Strategy’s Bitcoin yield continues to rise, but some analysts are raising questions about BTC’s changing position in the market. Bitcoin’s role as a hedge against inflation appears to be weakening.
Strategy’s Stock Trades Closer to Bitcoin Value as NAV Multiplier Drops
Strategy’s stock once traded at a large premium above its net Bitcoin holdings. That premium has narrowed in 2025. The NAV multiplier—how much more investors paid for MSTR stock over the actual BTC value—has dropped.
Data from BitcoinTreasuries.net confirms the shift. MSTR now trades closer to its Bitcoin net asset value. In 2024, this premium was driven by market enthusiasm and heavy BTC accumulation. In 2025, investor behavior shows more caution.
Michael Saylor reported that more than 814,000 retail accounts and 13,000 institutions hold MSTR shares. He also noted that about 55 million individuals have indirect exposure through ETFs, mutual funds, and pensions.
One market analyst commented anonymously, saying,
“The stock would just pump, and it’s likely trading at a premium over NAV with a higher risk profile.”
The lower NAV multiplier now suggests that investors are pricing MSTR based on fundamentals, not just Bitcoin hype.
MSTR Price Closely Follows Bitcoin But Swings More
A chart from BitcoinTreasuries shows how MSTR stock (blue) moves with Bitcoin price (orange). The two assets remain correlated. However, MSTR tends to rise and fall more sharply due to its leveraged exposure to BTC.
This pattern results from Strategy’s high Bitcoin holdings, much of it purchased using company debt. While Bitcoin price movements push MSTR in the same direction, the stock reacts with stronger shifts.
The current price of Bitcoin has been rising, but Strategy’s stock no longer trades at the high premiums seen in the past. The lower NAV gap indicates that investor focus may be shifting from speculation to value assessment.
