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Bitcoin Surges Ahead as Strategy Stock Lags

Disclaimer: The analyst who wrote this piece owns shares of Strategy (MSTR).
Since the start of this month, a growing divergence has emerged between bitcoin BTC and bitcoin-HODLer Strategy (MSTR). While bitcoin has climbed approximately 13%, nearing the $110,000 mark, MSTR shares have slipped 3%, trading around $372.
This performance gap has become more pronounced since mid-May and raises questions about market sentiment toward the company that pioneered the bitcoin treasury strategy for corporations. Despite playing a leading role in this movement, Strategy’s stock has not mirrored bitcoin’s latest rally.
One key factor is the rapid increase in the number of public companies adopting similar bitcoin strategies. According to data from BitcoinTreasuries.net, over 113 public companies globally now hold bitcoin on their balance sheets, marking an increase of 11 new entrants over the past 30 days.
Many appear to be following Strategy’s playbook, but the firm’s market premium is compressing, indicating that its early-mover advantage may be fading.
Strategy’s multiple to net asset value (mNAV), which reflects how the market values the company relative to its bitcoin holdings, has dropped to 1.80 one of its lowest points over the past year.
This figure is calculated by dividing the enterprise value (EV) by the market value of its bitcoin holdings. The EV includes MSTR’s current market cap, convertible debt, and preferred shares (such as STRK and STRF), minus the company’s most recent reported cash balance.
A lower mNAV limits Strategy’s ability to issue new equity without significantly diluting existing shareholders, although it remains above 1x, preserving some headroom.
Strategy’s recent 4,020 BTC purchase, its smallest since May 5, also reveals a significant change in funding structure. The acquisition was financed not only through common stock but also through preferred securities — 81.7% from common stock, 15.9% from STRK, and 2.4% from STRF, according to MSTR analyst Ben Werkman.
This diversification indicates that the company is strategically tapping alternative instruments via its at-the-market (ATM) offering, possibly to mitigate shareholder dilution and optimize capital raising in a compressed mNAV environment.
Read more: Strategy Buys 4,020 Bitcoin for $427M, Bringing Total Stash to Over 580,000 BTC
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BNB Breaks $687 Resistance as Investors Seek Crypto Hedge Amid Global Tensions

Recent escalations in global trade disputes have created a complex backdrop for cryptocurrency markets, with BNB demonstrating notable strength despite economic headwinds.
The token’s upward momentum comes as investors seek alternative assets amid traditional market volatility caused by ongoing geopolitical tensions.
While central banks worldwide adjust monetary policies to combat inflation, digital assets like BNB are increasingly viewed as potential hedges against economic uncertainty.
Technical Analysis Highlights
- Price action formed a clear uptrend, breaking through key resistance at $687.50 with above-average volume during the 00:00 hour push to $691.06, establishing new support at the $688.70 level.
- Most significant price movement occurred between 23:00-00:00 when BNB surged on 45,675 units of volume (well above the 24-hour average), confirming strong buyer conviction.
- In the last hour, BNB experienced a notable price correction, retreating from its earlier peak of $690.11 at 01:21 to $688.87 by 02:06, representing a 0.18% decline.
- Increased volatility between 01:50-01:53 when it briefly rallied to $689.85 before encountering resistance, followed by a sharper downward movement at 01:57.
- Price dropped from $689.53 to $689.13 on significantly higher volume (926.88 units), suggesting profit-taking after the earlier uptrend.
External References
- «BNB Price Analysis and Short-term Forecast«, CoinPedia, published May 27, 2025.
- «Binance Coin (BNB) Nears $700 Resistance: Is $750 Next?«, The Crypto Basic, published May 28, 2025.
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Nigel Farage-Led Reform UK Becomes First European Political Party to Accept Crypto Donations

Reform UK, the U.K. political party led by Nigel Farage, is set to become the first European political party to accept cryptocurrency donations, according to a blog post.
The donations will be facilitated by Radom, a U.K.-based crypto payments company that has VASP (Virtual Asset Service Provider) licenses for its crypto infrastructure.
The blog post by Radom claims that the average crypto donation is $6,000 — over 30 times that of a typical fiat contribution.
The move comes after U.S. President Donald Trump received $18 million worth of crypto donations leading up to the 2024 presidential election.
Nigel Farage also announced that he would follow Trump’s lead in making the U.K. a «crypto hub» if he becomes the next prime minister.
Farage was famously cut off from banking services in 2023, creating a debate around freedom of banking and the restrictions imposed on those with different political views.
“We’re excited to be working with Reform UK on this initiative. We appreciate Nigel Farage’s efforts in drawing attention to the issue of debanking in the UK, and we’re pleased to see a major political party embrace crypto,» said Radom CEO Chris Wilson.
«We hope this encourages broader adoption in the UK and helps drive progress toward clearer regulatory frameworks — something that we see as vital for sustainable industry growth.”
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AI Project Donut Raises $7M Pre-Seed Funding to Build Agentic Crypto Browser

Artificial intelligence (AI) project Donut has raised $7 million in pre-seed funding to build its Solana-based agentic crypto browser, a tool that helps users engage with blockchain applications.
The funding round was led by Hongshan (formerly Sequoia CN), BITKRAFT, and HackVC, Donut announced on X on Thursday.
Donut’s AI agent-powered browser includes a native cryptocurrency wallet and interacts with decentralized exchanges (DEXs) and other decentralized networks.
The browser’s AI algorithms process both webpage content and its user’s actions in order to autonomously execute on-chain operations.
In effect, the browser is designed to help its users transact, trade and earn in real time «like [using] a terminal,» according to Donut’s post on X.
AI agents have been hailed as a key to unlocking the potential for blockchain technology. While interacting with smart contract tools, self custody and bridging across different chains may be complex for humans, it is an environment in which AI agent can be built to thrive.
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