MSTR's BTC premium has vanished as enterprise mNAV falls below 1

Strategy's enterprise multiple to net asset value (mNAV) has fallen below 1, meaning the market now values the company at less than its bitcoin holdings. It's an unfamiliar position for the Michael Saylor-led company, which for years traded at a premium to its bitcoin and enjoyed greater flexibility to raise capital.

The stock has declined to around $82, roughly 85% below its November 2024 all-time high. Enterprise value sits at about $50.4 billion, while Strategy's bitcoin holdings are worth around $51.1 billion at the current $60,000 price. At these levels, issuing new shares would be dilutive, since the company would effectively be selling equity below the value of its underlying assets.

Enterprise mNAV is calculated by dividing the company's enterprise value by its bitcoin reserves; enterprise value is the market cap of all basic shares outstanding plus total debt plus total perpetual preferred stock, minus the USD reserve.

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