Strategy briefly lost the premium that investors assigned to its bitcoin holdings on Friday, with its enterprise mNAV, a metric comparing the company's overall market value with the value of its BTC, slipping below parity.
It happened as Strategy's common shares (MSTR) fell to a recent low of $82.16 on Friday, before slipping to around $81.80 in after-hours trading.
Bitcoin (BTC), meanwhile, was trying to find its footing at around $59,560 after falling to $58,000 on Thursday.
Unlike the traditional mNAV metric that some crypto treasury companies use, which compares their equity market caps with the value of their digital asset holdings, Strategy now uses enterprise mNAV. The latter factors in things like debt, cash, and preferred stock.
In Strategy's case, a reading below 1 means that investors value the company's overall capital structure at less than the value of the bitcoin in its treasury.
