Why Bitcoin price goes up $110,000/BTC but MSTR goes down $365/share?  Is MSTR has the same problem like GBTC (Grayscale Bitcoin Trust) that the premium price will vanish.  The price of MSTR will be equal the price of its bitcoin holding.  As of May 27, 2025, MicroStrategy holds approximately 580,250 BTC. With Bitcoin trading at about $109,488 per BTC, the market value of these holdings is: 580,250 BTC × $109,488 ≈ $63.6 billion.  A simplified NAV per share (ignoring business value and liabilities for a rough estimate): $63,600,000,000 / 273,400,000 shares ≈ $233 per share.