Strategy Still Dominates Corporate Bitcoin, But Treasury Premiums Are Under Pressure

MicroStrategy remains the largest public corporate holder of Bitcoin with 847,363 BTC, according to BitcoinTreasuries. Investor focus has shifted to valuation metrics like mNAV and financing costs as treasury premiums face pressure amid weaker Bitcoin prices and reduced ETF inflows. Strategy’s performance now serves as a benchmark for the broader corporate Bitcoin treasury trade.