MicroStrategy (MSTR) currently holds approximately 649,870 bitcoins, with an average purchase price of about $66,384 per BTC as of late November 2025.
MSTR's market capitalization is approximately $50.9 billion, which is less than the current value of its Bitcoin holdings alone, highlighting that the market is valuing the company primarily on its Bitcoin treasury rather than its underlying business operations. This dynamic is unique among public companies and has led to MSTR being seen as a proxy for Bitcoin exposure.The company's total book value, including Bitcoin and other assets, is estimated at about $55.76 billion, translating to roughly $174 per share on a fully diluted basis,
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