Key Highlights

  • Strategy's enterprise mNAV slipped below 1 for the first time, meaning the market now values the firm's entire capital structure at less than the bitcoin it holds.

  • MSTR shares fell to a recent low of $82.16 on Friday; STRC hit a record low of $71.40, roughly 25% below its $100 par value, before closing at $74.72.

  • Bitcoin treasury copycats Metaplanet (enterprise mNAV ~0.9) and Nakamoto (~0.92) also trade below parity; Strive remains above at approximately 1.24.

Strategy briefly lost the premium investors had long assigned to its bitcoin holdings on Friday, with the company's enterprise mNAV slipping below 1 for the first time. Unlike the simpler mNAV metric that compares equity market cap to digital asset holdings, enterprise mNAV accounts for the full capital structure including debt and preferred stock. A reading below 1 means the market values Strategy's total liabilities and equity at less than the bitcoin in its treasury.

The breach came as MSTR common shares fell to a recent low of $82.16 — their weakest level since February 2024 — while bitcoin tried to stabilize around $59,560 after dropping to $58,000 on Thursday. Strategy's STRC perpetual preferred stock hit a record low of $71.40, about 25% below its $100 par value, before recovering to close at $74.72.

The pressure traces back to Strategy's heavy reliance on preferred share issuances to fund bitcoin purchases. Those securities now carry roughly $1.2 billion in annual dividend obligations. With cash reserves at around $1.4 billion, analysts have warned that dividend coverage has narrowed from over seven years down to roughly 14 months, and that the company may need approximately $2.8 billion to restore a two-year cushion.

Strategy is not alone in trading below enterprise mNAV parity. Japan's Metaplanet is currently at around 0.9, while the David Bailey-backed Nakamoto sits at approximately 0.92. Strive, which adopted a similar preferred share funding model through its SATA perpetual stock, remains one of the few major bitcoin treasury companies still above parity, with an enterprise mNAV of about 1.24, according to public treasury data.