MicroStrategy holds roughly $73 billion in bitcoin and is widely regarded as the largest public corporate holder of the digital asset. Investors often focus on MicroStrategy's mNAV—a calculation comparing the company's stock market value to its bitcoin reserves—rather than traditional profit measures. Currently, the firm's enterprise value trades at 1.62 times its net bitcoin holdings, a number that has declined by over half since November 2024 when the ratio topped 3.4.