According to analysis by TD Cowen reported by The Block, the premium on MicroStrategy's (MSTR) stock relative to its Bitcoin holdings is trending toward lows not seen since the 2021-2022 "crypto winter." This metric measures the difference between the company's market capitalization and the value of its underlying Bitcoin assets. Despite this compression in premium, TD Cowen maintains a buy rating on the stock. The valuation shift occurs alongside data indicating a slowdown in corporate buying from major players. While global public companies net bought $13.4 million in BTC last week, significant entities like MicroStrategy and Metaplanet remained inactive. Decrypt noted an "unusual silence" from MicroStrategy this Monday, a day the company typically utilizes to announce new Bitcoin acquisitions, further highlighting the pause in their aggressive accumulation strategy. [Update 1] Added details on global public company buying stats ($13.4M last week) and observations regarding MicroStrategy's lack of Monday announcements.