TLDR Tech / Crypto
Strategy loses bitcoin premium as enterprise mNAV dips below 1
Strategy's enterprise mNAV has fallen below 1.0 for the first time, meaning the market now values its entire capital structure, including debt, preferred stock, and cash, at less than the bitcoin it holds, which is worth roughly $51.1 billion at current prices. With common stock down to around $82 (about 85% off its November 2024 peak) and STRC preferred shares trading around 26% below par, the funding engine that powered Strategy's accumulation model is severely stressed as issuing equity to buy bitcoin only destroys value when mNAV sits below 1.
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