One number for how much the market will pay to own bitcoin through a stock. We track it every week because the largest corporate bitcoin treasury is where equity investors and bitcoin meet.
The Saylor Gauge is Strategy's mNAV (market net asset value): the company's value in the stock market compared with the value of the bitcoin it holds. At 1.11x, investors pay $1.11 for every $1 of bitcoin on Strategy's balance sheet.
The premium above 1.0x is the price of everything around the coins: the financing engine, the ability to raise capital against the holdings, and the market's view of management. When it compresses, the market is valuing Strategy more like the bitcoin alone.
We do not calculate mNAV ourselves. Each issue uses the mNAV that Strategy publishes on strategy.com, together with its reported bitcoin holdings, as of the issue's data cut (Friday 4:00 pm ET). Using the company's own figure means a reader who checks the number at the source gets the same answer.
If the published figure is not available when an issue is produced, the issue does not go out on an estimate. Each week's reading is stored, and the issue shows its 13-week range alongside the current level.
Investors pay a premium for bitcoin held through the stock. The premium is what lets Strategy issue shares to buy more bitcoin and add bitcoin per share.
The premium is disappearing. The market is paying close to the value of the bitcoin alone, and less for the financing engine wrapped around it.
The stock is worth less than the bitcoin behind it. Issuing shares to buy bitcoin would dilute holders rather than add to them.
In The Bridge, the gauge appears in The Number and The Dashboard of the institutional edition, and in the Market Snapshot of The Bridge Weekly. It also feeds our style classification of MSTR on the Style Map.
The Saylor Gauge is a label for a published market measure, not an investable product or a recommendation. The Bridge is not affiliated with Strategy or Michael Saylor. Commentary and analysis only, not investment advice.
See it in a full issue first.