Strategy Stock Falls as Market Cap Slips Below Value of Bitcoin Holdings
1. MSTR's market value now lower than Bitcoin holdings, at $59.92B. 2. Shares dropped 7.2% to $208.54 and 6.2% in premarket. 3. Implied premium to Bitcoin holdings fell to $14.4B, from $80B peak. 4. Investor enthusiasm appears to be declining for MSTR's Bitcoin strategy. 5. Market conditions and interest rate uncertainty are fueling the selloff.