Strategy's tokenized stock has reached $491 million in combined value, making the company the most tokenized stock on-chain ahead of Nvidia, Tesla and SpaceX. The milestone comes even as Strategy's mNAV ratio falls below 1 and MSTR shares struggle to hold above their 200-day moving average.
Strategy (NASDAQ: MSTR) shares gained 2.3% in pre-market trading after the company said its tokenized stock overtook every other publicly traded company on-chain, including Nvidia, Tesla and SpaceX. The move comes as Strategy's mNAV ratio slips below 1, even as its Bitcoin holdings sit in profit.
Tokenized Stock Value Tops Nvidia and Tesla
In a recent X post, Strategy said the tokenized value of its MSTR shares and STRC stock reached a combined $491 million, with MSTR accounting for $246 million and STRC for $245 million. The milestone arrives as the market cap of tokenized stocks on-chain surges to an all-time high above $3.8 billion.
CRCL stock ranks second among tokenized equities with $338 million in tokenized value, followed by SpaceX stock at $174 million. Nasdaq CEO Adena Friedman commented on tokenization. She said it could unlock tens of billions of dollars in capital currently locked up as collateral.
mNAV Ratio Falls Below 1 as Bitcoin Holdings Gain
Strategy's mNAV ratio has dropped to 0.93, according to Strategy Tracker data, suggesting the market is pricing the company below the value of the Bitcoin it holds. The drop comes shortly after Strategy purchased an additional 334 BTC between October 1 and 4, bringing its total Bitcoin holdings to $70.08 billion.
The company now sits on an unrealized profit of $5.8 billion on that stash after Bitcoin's price rose above $80,000. That gain led Citi to raise its price target for Strategy stock to $240 from $136.
MSTR Technicals Point to Bearish Pressure
MSTR shares closed at $151 on October 8, slipping below their 200-day EMA, a move that suggests the long-term trend is turning bearish. Strategy Tracker data shows that closing below this level for three straight days could trigger a move toward the 50-day EMA of $137.
The stock's RSI is tipping south. That suggests the bullish momentum that pushed MSTR to a multi-month high above $170 is weakening. Still, shares could close above resistance at $160 if the pre-market gain holds for the rest of the session.
Source: CoinGape
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