Strategy stock prices diverging from Bitcoin trends? The first-mover advantage may be fading.

Gate News bot news, since the beginning of this month, the divergence between Bitcoin and Strategy (MSTR) stock price trends has been widening. The price of Bitcoin has risen about 13%, breaking through the 110,000 dollar mark, while the MSTR stock price has fallen 3%, currently trading at about 372 dollars.

Since mid-May, the gap in performance has become increasingly apparent, raising questions in the market. Although Strategy has played a dominant role in this trend, its stock price performance has not followed the latest rise of Bitcoin.

A key factor is the rapid growth in the number of publicly traded companies adopting Bitcoin-like strategies. According to BitcoinTreasuries.net, there are currently over 113 publicly traded companies holding Bitcoin on their balance sheets, which means 11 new companies have been added in the past 30 days.

Many companies seem to be following Strategy, and the market premium of the company is compressing, indicating that its first-mover advantage may be waning.

The price-to-book ratio of Strategy (mNAV) (reflecting how the market assesses the company's valuation relative to its Bitcoin holdings) has dropped to 1.80, one of the lowest points in the past year.

The calculation method for this indicator is to divide the enterprise value (EV) by its Bitcoin holding market value. EV includes MSTR's current market value, convertible bonds, and preferred shares (such as STRK and STRF), minus the company's recently reported cash balance.

The lower mNAV restricts the Strategy's ability to issue new shares without significantly diluting the existing shareholders' equity, although it remains above 1 times, retaining some room.

Strategy recently purchased 4,020 Bitcoins, marking the smallest single purchase since May 5, which indicates a significant change in its financing structure. MSTR analyst Ben Werkman stated that the funds for this acquisition came not only from common stock but also from preferred stock—of which 81.7% came from common stock, 15.9% from STRK, and 2.4% from STRF.

This diversified investment indicates that the company is strategically utilizing alternative instruments through its at-the-market (ATM) strategy, possibly to mitigate shareholder equity dilution and optimize financing in a compressed mNAV environment.

Source: CoinDesk