Strategy Enterprise mNAV Falls Below 1 as $50.4 Billion Value Drops Under Bitcoin Holdings
Updated
Updated · CoinDesk · Jun 27
Strategy Enterprise mNAV Falls Below 1 as $50.4 Billion Value Drops Under Bitcoin Holdings
3 articles · Updated · CoinDesk · Jun 27
Summary
$50.4 billion in enterprise value now sits below Strategy’s roughly $51.1 billion bitcoin stash, pushing its enterprise mNAV under 1 for the first time in years.
An 85% slide in the stock from its November 2024 peak to about $82 drove the crossover, leaving the market valuing the whole company at less than the bitcoin it holds.
At that level, new share issuance becomes dilutive because Strategy would be selling equity below underlying asset value, a pressure point after recent bitcoin purchases already drew shareholder backlash.
The discount has sharpened concerns that Michael Saylor’s company is trading more like a closed-end fund, which can remain stuck below net asset value when sentiment weakens.
Strategy still differs from passive bitcoin vehicles because it can issue debt or equity when accretive, refinance securities, use software cash flow and actively manage its capital structure.