MicroStrategy shares carry a 10% premium to bitcoin per share, while BlackRock’s IBIT ETF tracks spot BTC at a 0.25% annual fee.
MicroStrategy (MSTR) shareholders pay a 10% premium over the underlying bitcoin value, as the company’s market cap of $36 billion trails its $51.65 billion intangible BTC assets. The mNAV ratio stands at 1.1x, reflecting the premium buyers accept for equity-style exposure without direct BTC ownership.
Over the past year, MSTR fell 70% compared to bitcoin’s 39% decline, as leverage and premium compression amplified losses. Shares outstanding surged from 193 million to 334 million by Q1 2026, diluting bitcoin per share unless premiums remain elevated. BlackRock’s iShares Bitcoin Trust (IBIT) avoids these costs, tracking spot BTC at a 0.25% annual fee.
MSTR’s pitch—leveraged BTC exposure via stock—relies on ATM sales to accumulate more bitcoin, but the premium structure adds hidden costs. IBIT provides a lower-fee alternative for investors seeking direct bitcoin exposure without equity dilution risks.