Adam Back, CEO of Blockstream, stated that Michael Saylor’s Strategy (MSTR) stock premium is justified based on its historical performance in doubling Bitcoin per share, which typically occurs in 16 to 18 months. He noted that a 2x trading multiple reflects the risk reduced for investors. Back argued that with continued growth in Bitcoin per share, MSTR could reach a mNAV that effectively derisks the investment. Currently, MSTR’s net asset value premium stands at about 1.7x on basic shares and around 1.9x when considering diluted shares. He emphasized the importance of evaluating how long it would take to overcome this premium when investing in Bitcoin treasury companies. Back also referenced Metaplanet’s experience with volatile mNAVs, suggesting investors should be cautious of higher premiums linked to elevated mNAVs but acknowledged the high yield that these treasury companies can offer. Overall, while higher mNAVs may bring speculative risks, they also present significant yield potential for investors.

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