For years, Strategy traded at a premium to the Bitcoin on its balance sheet. Investors were happy to pay extra for the convenience of getting BTC exposure through a stock ticker. That premium just evaporated.
Strategy’s enterprise market Net Asset Value ratio, known as mNAV, dropped below 1.0 on June 27, hitting 0.99. In English: the company’s enterprise value briefly fell below the actual value of its Bitcoin holdings.
The numbers tell a painful story
Strategy holds approximately 847,363 BTC, worth roughly $50.2B at recent prices in the $59K to $60K range. The company’s market capitalization, meanwhile, has contracted to somewhere between $29B and $32B.
The stock is trading around $82, which represents an approximately 85% decline from its November 2024 peak.
