Why Strategy (MSTR) Is Now Worth Less Than Its Bitcoin Holdings

• Strategy’s market value has fallen below its net Bitcoin holdings.
• The company created a $1.44 billion U.S. dollar reserve for debt and dividend payments.
• Analysts and commentators, including Adam Livingston, are divided on the strategy’s implications.

Strategy’s market capitalization has fallen below the value of its Bitcoin holdings, even after the company established a $1.44 billion cash reserve on Dec. 1. 

Numerous analysts have weighed in on the implications. YouTuber Adam Livingston, among others, said the update undermines long-standing liquidation fears tied to the company’s Bitcoin-heavy balance sheet.

Related: Saylor’s Strategy Builds $1.44B ‘Cash Moat’ to Protect Dividends, Cuts Bitcoin Outlook

Market Cap Lags Behind Net Bitcoin Position

Strategy Inc. is now valued at roughly $45 billion. That figure sits nearly $10 billion below t…

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