MicroStrategy Premium Over Bitcoin Holdings Falls to 1.3× Following Q3 Results

MicroStrategy's valuation premium relative to its Bitcoin treasury contracted to approximately 1.3× its market-adjusted net asset value, despite reporting a $2.8 billion net income beat for the third quarter, according to Bloomberg data. The multiple declined from earlier periods when the premium exceeded 2×, reflecting diminished investor enthusiasm for the balance-sheet Bitcoin strategy. At least three analysts lowered price targets while maintaining buy ratings, citing concerns over reduced momentum and slower capital issuance heading into the fourth quarter.