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Michael Saylor's "Back to Orange" Signal and the Significance of Strategy's Bitcoin Holdings
Strategy's management, led by Michael Saylor, has attracted industry attention by revealing their asset holdings on X. As of December 15, the company has secured 671,268 BTC, representing an on-book value of approximately $58.9 billion. With Bitcoin's current price around $93,180, this level of holdings can exert significant influence in the market.
**What mNAV Indicates About the Current Valuation Situation**
A key point in Saylor's data is that the market-based net asset value (mNAV)( is near or below 1x. This suggests that the company's stock is trading at a value almost equal to or even at a discount to the actual worth of its Bitcoin holdings. This situation indirectly reflects how the market perceives the company's Bitcoin accumulation strategy.
**Industry Enthusiasts' Interpretations and Future Outlook**
Bitcoin advocate and influential analyst Adam Livinston interpreted Saylor's disclosure as a signal of a large-scale additional purchase. Considering the active Bitcoin demand and supply movements by institutional investors, this observation is a meaningful assessment of potential market impact.
From an annual return perspective, Bitcoin is expected to finish the year with approximately 25% growth. Additionally, the stock price benchmark value corresponding to 1x mNAV, $148.40, has risen significantly from $118 a year ago, indicating that the company's fundamental valuation continues to strengthen.