Strategy Inc.'s enterprise value has fallen below its Bitcoin holdings for the first time in years, with shares down 85% from their 2024 peak as crypto

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's STRC briefly fell to a record low of $71.40 on Friday, leaving the preferred shares about 25% below par.

Strategy’s enterprise mNAV fell below 1 as STRC hit a record low and Bitcoin traded near $60,000, pressuring its funding model.

For years, investors had valued the firm well above its bitcoin holdings, giving Strategy massive flexibility to raise capital as needed — a situation Michael Saylor and team took…

Strategy's enterprise mNAV has crossed below 1 for the first time, meaning the company's enterprise value now exceeds its bitcoin treasury. MSTR closed at $82.31, a 52-week low.

Strategy Inc.'s enterprise value has fallen below its Bitcoin holdings for the first time in years, with shares down 85% from their 2024 peak as crypto

Strategy's mNAV ratio fell below 1.0 for the first time as its enterprise value dipped below its 847,363 BTC holdings worth $50.2B, erasing a key investor