Corporate Finance

Strategy’s enterprise mNAV has slipped below 1, a milestone that suggests the market is now valuing the company at less than the bitcoin it holds. The shift raises fresh questions about how investors assess the firm’s leverage, treasury strategy, and future financing flexibility.

Strategy’s STRC preferred stock has fallen to a record low, disrupting a key funding channel used to expand its bitcoin holdings. The decline below par has also forced the company to pause new share sales through its at-the-market program.