Strategy (MSTR) is currently experiencing its lowest 10-day realized volatility when it first added Bitcoin BTC to its balance in 2020, according to Jeff Park, head of Alpha Strategies at Bitwise Asset Management.

Realized volatility refers to the actual historical movement of an asset’s price over a specified period, in this case ten days. It is calculated using previous price data and indicates how much the price has fluctuated in reality, as opposed to how much it is expected to fluctuate in the future.

In addition to muted historical price fluctuations, Mstr’s implied volatility (IV) is currently at 48.33 percent, which is among the lowest levels registered for the stock in recent years. Implicated volatility reflects the market’s prognosis of a stock’s future volatility derived from options. A lower IV suggests that the option market expects less price movements in the future. In comparison, Mstr’s IV peaked by 225% in November 2024 under a sharp rally in the Bitcoin prices after Donald Trump’s US presidential election. At that time, Bitcoin traded over $ 95,000 and Mstrs share price rose from $ 350 to a high of $ 525. Currently, Mstr shares are trading for $ 367.

Mstr currently has 592,345 BTC, but last week only 245 BTC added its smallest weekly purchase since March. This slowdown in accumulation may indicate a saturation point, especially as other public companies are globally beginning to adopt Bitcoin Treasury strategies.

Furthermore, it seems that capital streams are rotating from MSTR to less Bitcoin-lasting companies, many of which experience strong performance in both stock price and trading volume. Among them is Canada’s LQWD Technologies Corp, which has risen about three times in recent days on its BTC Treasury strategy.

In particular, this marks the fourth consecutive week in which Mstr has not used its market (ATM) Equity offer program. As a result, the company is now on a 1.83x multiple for its net asset value (NAV) in Bitcoin terms, known as MNAV. This multiple is calculated by dividing the company’s business value by the market value of its bitcoin stocks.

Is Mstr yesterday’s news?

Led by performing chairman Michael Saylor, the strategy has benefited from the recent years from the company’s status as a high-beta, high volatility proxy for Bitcoin. This elevated volatility made Mstr particularly attractive to option dealers and speculators, enabling great gains on both upward and downward compared to BTC itself.

However, since Mstr’s volatility is compressed, this appeal can be reduced. With less price movement, dealers, investors and speculators could begin to redistribute capital to other, more volatile Bitcoin-bound shares or assets that provide greater trading opportunities.

In response, strategy has also leaned into alternative financing strategies, including offers on the market tied to its eternal preferred share cards, Strk and StrF. These regular income products represent a strategic turn, but whether they get meaningful traction is yet to be seen.