Stop Paying a 10% Premium for Bitcoin: Why IBIT Beats MSTR

Impact · against what's priced in

MSTR is facing a negative catalyst as the compression of its mNAV ratio to 1.1x and significant share dilution undermine the effectiveness of its levered Bitcoin strategy. IBIT remains a more efficient, low-cost alternative for spot exposure, though it lacks the asymmetric upside of MSTR's leverage during bull markets.

MSTR−0.60

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In context

The stock faces headwinds from a compressing mNAV ratio of 1.1x and a share count that nearly doubled to 333.9 million by Q1 2026, which dilutes the bitcoin-per-share value.

Read from the article alone

• IBIT
• MSTR
• asset management
• bitcoin
• corporate debt
• crypto
• dilution
• etf
• leverage
• premium

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