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

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.