Strategy (NASDAQ: MSTR) Falls Below Bitcoin Net Asset Value As Market Premium Collapses

Once a business intelligence software company, Strategy (NASDAQ: MSTR) has become one of the most closely watched institutions in the cryptocurrency world following its aggressive pivot to Bitcoin treasury holdings.

The company was originally founded in 1989 by Michael Saylor under the name MicroStrategy, building its reputation through data analytics and business intelligence software designed to help companies make better decisions.

Strategy went public on the NASDAQ in 1998 under the ticker MSTR, and its share price spiked sharply in 2000 before trading in a narrow range for roughly the next two decades.

The company’s trajectory changed dramatically in 2020, when Saylor led the decision to adopt Bitcoin as the firm’s primary treasury reserve asset, citing concerns about the devaluation of the U.S. dollar and the threat of inflation.

Strategy’s first Bitcoin purchase totaled $250 million, framed explicitly as a hedge against economic uncertainty, and the move established Saylor as one of the most prominent figures in institutional cryptocurrency adoption.

The company dropped the “Micro” from its name in February 2025, rebranding simply as Strategy in a move that drew comparisons to the famous advice given to Mark Zuckerberg to drop “The” from “The Facebook” in the film The Social Network.