When a firm’s main business is holding Bitcoin, its shares need to outperform Bitcoin itself. That premium, known as MNAV, depends on faith in management and clear execution plans.
Strategy has used three main tools since 2020: issuing convertible debt, running an At‑the‑Market stock program, and plowing free cash flow into spot Bitcoin.
New rivals are copying and tweaking this playbook—letting holders swap coins for stock, buying underpriced firms to turn cash into BTC, and even adding private deals to raise funds.