Strategy Inc., the company formerly known as MicroStrategy, has crossed a threshold that Michael Saylor probably never wanted to see. The firm’s enterprise market net asset value, or mNAV, has fallen below 1.0 as of late June 2026.
In plain English: the market now values the entire company at less than the Bitcoin sitting on its balance sheet. Strategy’s enterprise value stands at roughly $50.4B, while its Bitcoin holdings clock in at approximately $51.1B.
The numbers tell a brutal story
Strategy’s stock was trading around $82 in late June, representing an approximately 85% nosedive from its November 2024 all-time high of $550.
The company holds somewhere in the range of 843,000 to 847,000 BTC. At Bitcoin’s current price hovering around $60K, that’s an enormous treasury. But here’s the thing: Strategy’s average acquisition cost for those coins sits at roughly $75K to $76K per BTC.
