Strategy continues to lead the Bitcoin race
In the volatile world of digital finance, Strategy remains the world’s largest public Bitcoin holder. Despite the controversy surrounding its valuation, Strategy’s shares still trade at a significant premium to Bitcoin’s net asset value (NAV).
Analysts at global investment bank TD Cowen, Lance Vitanza and Jonnathan Navarrete, told The Block that the current NAV Premium of 72.6% is entirely reasonable, calling the criticism that Strategy’s stock “should be trading at NAV” “logically flawed.”
As of now:
- Market capitalization: 124.3 billion USD
- Total Bitcoin holdings: 72 billion USD
- NAV Premium: 72,6%
What really sets Strategy apart is its access to cheap capital, allowing it to execute Bitcoin accumulation strategies that no one else can match.
Plan “42/42” – Driving force for sustainable growth
The highlight of Strategy’s strategy is the 42/42 plan, which aims to raise $84 billion in equity and debt by 2027 at a blended interest rate of just 0.421%. This approach helps:
- Increase the number of Bitcoins per share without dilution.
- Creates a “compound return” effect that goes beyond ETFs or retail investors.
In recent times, Strategy has:
- Mobilize 739.8 million USD from a $21 billion offering.
- Buy more 6,220 BTC at average price 118,940 USD/BTC.
- Return 3,077 BTC profit without issuing new shares.
Since the beginning of the year, the price of Bitcoin per MSTR share has increase 20.8%, double what it was 18 months ago – a performance that outperforms traditional NAV-based investment models.
The launch of Stretch Preferred Stock (STRC) also allows Strategy to scale its Bitcoin holdings while maintaining optimal capital efficiency.
Ambition 900,000 BTC by 2027
Strategy currently holds 607,770 BTC and continues to grow strongly. TD Cowen predicts that the company could own 900,000 BTC by 2027, equivalent to 4.3% of the total Bitcoin supply.
TD Cowen maintains price target $680 for MSTR, based on the following factors:
- Greater clarity on the legal framework for digital assets.
- Growing acceptance by traditional financial institutions.
- Unique self-reinforcing capital model, allowing Strategy to accumulate Bitcoin continuously without diluting shares.
Michael Saylor – the man behind this bold strategy – is not only hoarding Bitcoin but also reshaping the way corporations approach digital assets.
In the context of Bitcoin's growing acceptance, the combination of global strategic vision and local market understanding of HVA Group is expected to open up new opportunities, contributing to bringing Vietnamese enterprises into line with the global digital finance trend.
