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MicroStrategy's Bitcoin Premium Vanishes Amid Crypto Market Reckoning
15 Nov
Summary
- MicroStrategy's market cap falls below value of its Bitcoin holdings
- Company's famed Bitcoin premium, a symbol of institutional faith, has evaporated
- Financing momentum for MicroStrategy's Bitcoin acquisition model is weakening
As of November 15, 2025, the once-unshakable link between MicroStrategy's stock and its Bitcoin fortune is showing cracks. The company that turned corporate balance sheets into crypto vaults now faces a market reckoning as its long-standing Bitcoin premium has officially evaporated.
MicroStrategy's market capitalization of $64.54 billion has fallen below the value of its Bitcoin holdings, which stand at $66.15 billion. This is the first time in years that the world's largest corporate Bitcoin holder has seen its premium disappear. Analysts view this as a symbolic end to the premium market for MicroStrategy.
Despite the loss of premium, MicroStrategy's balance sheet remains deeply tied to Bitcoin's performance. The firm holds 641,692 BTC at an average cost of $74,085 per coin, meaning it still enjoys roughly 39.10% in unrealized gains even if Bitcoin retraces to $102,918. However, the company's financing momentum for acquiring more Bitcoin has begun to weaken, with its stock price under pressure and bond buyers growing more cautious.
