For a long period, the company traded at a sizable premium to its bitcoin holdings, giving it strong flexibility to raise funds — an advantage that Michael Saylor and his team активно used.
Now, however, Strategy’s (MSTR) enterprise multiple to net asset value (mNAV) has fallen below 1.
This marks a significant reversal for the firm, which was previously valued far above its bitcoin reserves. That premium once allowed it to access capital markets efficiently, but the dynamic has now flipped.
With the share price hovering near $82 — about 85% below its November 2024 high — enterprise value has dropped to roughly $50.4 billion. Meanwhile, its bitcoin holdings are worth around $51.1 billion at a $60,000 BTC price. In effect, the market is valuing the company at less than the bitcoin it holds. At these levels, issuing new equity becomes dilutive, as shares would be sold below the value of underlying assets.
The enterprise mNAV is calculated by dividing total enterprise value — including market capitalization, debt, and preferred equity, minus USD reserves — by the value of the company’s bitcoin holdings.
Although the company can still raise capital through equity issuance, doing so now may draw criticism. Its recent bitcoin purchases have already diluted existing shareholders, leading to pushback from the market.
There is also growing concern that Strategy is being priced more like a closed-end fund than an operating business. Similar vehicles have historically traded at premiums during periods of strong demand, only to fall into persistent discounts as sentiment weakens, often due to limited redemption mechanisms.
That said, Strategy retains more flexibility than a typical closed-end fund. It can issue debt or equity when conditions are favorable, refinance obligations, generate cash flow from its software business, and actively manage its capital structure.
