MicroStrategy's market capitalization is progressively aligning with the value of its Bitcoin reserves. As the company continues to accumulate BTC holdings, the gap between its equity valuation and underlying Bitcoin assets narrows steadily. This convergence raises interesting questions about how the market prices in corporate Bitcoin treasury strategies—whether investors are pricing in a premium for MSTR's execution or if the premium will compress as holdings grow. The trend highlights how institutional Bitcoin accumulation is reshaping market dynamics and investor perception of tech companies pivoting toward crypto-asset strategies.