According to @BullTheoryio, Michael Saylor's MSTR-linked strategy is down 56% over the past 56 days (source: @BullTheoryio, X, Dec 1, 2025). According to @BullTheoryio, the strategy holds $55B in Bitcoin (BTC) while MicroStrategy's market cap stands at $47B, implying an approximate $8B gap and roughly a 15% discount versus the reported BTC holdings based on those figures (source: @BullTheoryio, X, Dec 1, 2025). According to @BullTheoryio, the post also highlights market fears that MSTR could be forced to sell Bitcoin, keeping forced-selling risk in focus for traders monitoring the BTC proxy trade in equities (source: @BullTheoryio, X, Dec 1, 2025).

According to @KobeissiLetter, MicroStrategy (MSTR) fell 12% today and 57% since October 6, cutting its market cap to $45 billion (source: @KobeissiLetter). According to @KobeissiLetter, the post states this market cap is $10 billion below the current market value of the company’s Bitcoin (BTC) holdings, indicating an atypical discount versus its BTC treasury exposure (source: @KobeissiLetter). According to @KobeissiLetter, for crypto-focused traders this spread highlights potential relative-value opportunities between MSTR and spot BTC, as the equity proxy may revert toward the implied value of its BTC exposure when dislocations widen (source: @KobeissiLetter).

According to @caprioleio, Semler Scientific (SMLR) trades at an mNAV of 0.9, indicating a discount to its marked net asset value, source: @caprioleio. According to @caprioleio, its Bitcoin holdings are worth more than the company’s equity market capitalization, source: @caprioleio. According to @caprioleio, the BTC yield is 0.25% and the firm is growing its Bitcoin balance by approximately 2% per week, source: @caprioleio. According to @caprioleio, Days Cover is -48 and debt-to-market-cap stands at 17%, with leverage described as conservative, source: @caprioleio. For traders, these metrics flag SMLR as a potential BTC proxy where the NAV discount and BTC balance growth rate are key variables to monitor versus spot BTC performance and peer Bitcoin treasury stocks, source: @caprioleio.