MicroStrategy’s (MSTR) net asset value premium to its Bitcoin (BTC) holdings has grown to its highest in three years, reaching approximately 270% as of Oct. 14, according to MSTR-Tracker. The NAV premium is measured after dividing MSTR’s market capitalization by the value of its Bitcoin holdings. A higher NAV, therefore, shows that holding a share of MSTR has provided investors with a yield 2.7 times higher than simply holding Bitcoin directly. Key factors explaining why the MicroStrategy stock is trading at a premium to its Bitcoin holdings include leveraging and free cash flows from its soft…