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Strategy's Bitcoin Accumulation Strategy, Justifying NAV Premiums? - TD Cowen Analysis

2025/07/02 10:35
CoinPost
Written by L.Kikutani
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Strategy's Bitcoin Accumulation Strategy, Justifying NAV Premiums? - TD Cowen Analysis

Justifying the NAV Premium?

Strategy Corporation (formerly MicroStrategy) acquired an additional 69,140 BTC by the end of the second quarter of 2025, bringing its total holdings to 597,325 BTC. In the first week of July, the company also purchased 4,980 BTC, utilizing three equity and preferred stock issuance programs for fundraising. The issuance of shares at prices significantly above market levels is seen as contributing to both fundraising efficiency and dilution control. Related: Strategy Corporation buys additional Bitcoin for approximately 77 billion yen, also joins the 'Russell Top 200 Index'. TD Cowen analysts note that the company's stock is trading at a substantial premium over its Net Asset Value (NAV)...

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MAGAZINE
Iolite Vol.14

Iolite Vol.14

July 2025 issueReleased on 2025/05/30

Interview Iolite FACE vol.14 Charles Hoskinson, founder and CEO of Cardano/Input Output Global PHOTO & INTERVIEW Mariko Mabuchi Special feature: "Considerations on cryptocurrency-related policies in Japan and the US", "Blockchain guide from Japan", "Huge position liquidation occurs at Hyperliquid! A new, unanticipated crisis in decentralized finance", "Sakana AI, a generative AI startup from Japan that is attracting a lot of attention", "Prepare for a recession: correlation between finance and anomalies" Crypto Journey: "Web 3.0 from the perspective of the 'King of Debate'" Interview with Hiroyuki Special series: Virtual Nishi: "Cryptocurrency market trends and key points for interpreting them" Series: Tech and Future Toshinao Sasaki, etc.

MAGAZINE

Iolite Vol.14

July 2025 issueReleased on 2025/05/30
Interview Iolite FACE vol.14 Charles Hoskinson, founder and CEO of Cardano/Input Output Global PHOTO & INTERVIEW Mariko Mabuchi Special feature: "Considerations on cryptocurrency-related policies in Japan and the US", "Blockchain guide from Japan", "Huge position liquidation occurs at Hyperliquid! A new, unanticipated crisis in decentralized finance", "Sakana AI, a generative AI startup from Japan that is attracting a lot of attention", "Prepare for a recession: correlation between finance and anomalies" Crypto Journey: "Web 3.0 from the perspective of the 'King of Debate'" Interview with Hiroyuki Special series: Virtual Nishi: "Cryptocurrency market trends and key points for interpreting them" Series: Tech and Future Toshinao Sasaki, etc.