Starknet price

Original author: Eric, Foresight News   After the market on the 30th local time in the United States, Strategy, the first stock of Bitcoin DAT, announced its third-quarter financial report. According to the financial report, Strategy reported third-quarter revenue of $3.9 billion, net income of $2.8 billion, and diluted earnings per share of $8.42. As of October 26, 2025, local time, Strategy holds a total of 640,808 Bitcoins, with a total value of $47.44 billion, and the cost of each Bitcoin rises to $74,032. In 2025, Bitcoin yields will be 26% year-to-date, with gains reaching $12.9 billion. Strategy CFO Andrew Kang said that based on Bitcoin's year-end forecast of $150,000, Strategy's full-year operating income in 2025 will be $34 billion, net profit $24 billion, and diluted earnings per share of $80. Strategy's Bitcoin-related data is basically public and will not cause much reaction in the market, but based on the impact of Bitcoin's price rebound today and the company's optimistic expectations, Strategy's stock price rebounded after yesterday's market hours and before today's market. At the time of writing, the MSTR price has bounced off yesterday's closing price of $254.57 to around $272.65 in pre-market trading. According to the financial report, Strategy generated a total of $5.1 billion in net proceeds through common stock, STRK, STRF, STRD and STRC share sale plans in the three months ended September 30, while Strategy still had $42.1 billion in financing as of October 26. It is worth noting that Bitcoin's current price has risen by more than 40% from where it was this year, while MSTR's close yesterday was only about 6% away from its low for the year. Although the stock price trend after yesterday's market and today's market hours represents that the market still recognizes this financial report in the short term, in fact, investors have begun to worry about the model of Strategy or DAT companies. mNAV approaches the line of life and death According to StrategyTracker data, Strategy's mNAV (the ratio of market capitalization to the total value of Bitcoin held) has reached 1.04, which is only 1.16 even in terms of diluted shares, which is very close to 1. And if , mNAV comes to 1 or even falls below 1, it means that buying the company's shares is no longer more valuable than buying the corresponding cryptocurrency directly. Strategy promised at its earnings conference at the end of July this year that it would "not issue additional MSTR common shares when the mNAV is below 2.5 times unless it is to pay preferred stock dividends or interest on debt." But just two weeks later, it removed the restriction and added an exception to the clause in its 8-K filing: "If the company believes that the additional issuance is beneficial, it may continue to issue shares below 2.5 times the mNAV." In its recent earnings report, Strategy also reinterpreted the rules for common stock ATM issuance: Although the issuance of common shares when the mNAV is below 2.5 is still prioritized to pay interest on debt and preferred stock dividends, the reality is that it is now possible to purchase Bitcoin with common stock ATM financing when the mNAV is below 2.5, and the financing method for purchasing Bitcoin is now more than ordinary stock ATMs. Strategy's mNAV calculated in official data is 1.25, which is higher than third-party statistics, and although it has a more complex calculation method, in fact, ordinary investors value the ratio of simple total market capitalization to the total value of Bitcoin held, which is 1.04. In addition, Strategy also retains the possibility of adjusting the mNAV baseline, which undoubtedly adds more variables. The number of Bitcoin purchases in the first three quarters of this year was 81,785, 69,140, and 42,706, respectively. If Strategy's mNAV falls below 1, it may have a relatively large impact on the overall value of DAT. A few days ago, ETHZilla, an Ethereum DAT company, chose to sell $40 million worth of Ethereum for a share buyback with the aim of pulling back the mNAV value. On the same day, Metaplanet, the world's second-largest Bitcoin DAT company and a Japanese listed company, also announced a share buyback plan, although the plan does not involve selling Bitcoin holdings, but the pressure of mNAV has made the world's top two public Bitcoin buyers choose to slow down. Excluded from the Nasdaq 100? During the intraday trading session of the US stock market yesterday evening, Beijing time, some investors in the Web3 community speculated that Strategy might be kicked out of the Nasdaq 100 index by the end of this year in response to MSTR's recent weak trend. Strategy was officially selected as a constituent of the Nasdaq 100 index in December last year, which also caused the stock price to rise above $500 in a short period of time. Although the price of Bitcoin hit a new high, MSTR did not break through the high at that time. But in fact, the probability that Strategy will be knocked out of the Nasdaq 100 this year is almost zero. Constituent stocks are excluded from the Nasdaq 100, except for basic situations such as transformation into financial companies, change of listing location, lack of liquidity or violation of listing regulations, only when the market capitalization ranking directly falls out of the 125th place or continues to rank outside the top 100, or when the weight is less than 0.1% of the total market capitalization of the index for two consecutive months, and there is a suitable replacement. According to QQQ's holdings, Strategy's current weight is about 0.37%, and its market value has not fallen outside the top 100. The index is adjusted at the end of the year based on data from the end of October, so it seems that the strategy is still safe this year. There has been a boom in DAT companies in the market this year, but the author needs to remind that the gameplay of such companies is essentially based on a market consensus rather than a financial mechanism, and the market value of the company cannot be lower than the value of the assets held by the company. An article published by the National Business Daily in August this year shows a good example: Sohu, an early "orphan" on the Internet, has not had as much cash as the company holds for a long time, nor is the office building built by the company as valuable. If the market suddenly one day gives up recognizing such a "game mechanism", investors can use the company's market value to hold Bitcoin in a stable ratio and continue to buy new shares and cash out at a higher position, which may be more risky than most people think. Even if this mechanism continues, the continued weakness in the price of Bitcoin caused by the continued frenzy of attention and funds attracted by AI will multiply the pressure on Strategy in the short term. DAT gameplay can continue to have a positive effect on the development of the industry, but it is also necessary to prevent short-term risks caused by stress testing at all times. After all, 2.8 billion profits are just investment gains, and investment has never been a winning general.