Strategy Inc. has traded below the value of its 847,363 BTC holdings for seven months, with its mNAV ratio near 1.0 since November 2025.

Strategy Inc. shares hit $100.03 intraday on June 23, 2026, down 70% from 2025 peaks as Bitcoin slides and preferred share funding dries up.

Strategy (MSTR) shares fell below $100 for the first time since March 2024 as Bitcoin's drop to around $61,000 left the company sitting on more than $11 billion in unrealized…