Strategy's enterprise mNAV has dropped below 1x as Bitcoin's decline to $60,000 erases billions in value, ending the premium that powered its buying spree.

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