Valuation

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.

Kalshi is seeking to raise new capital at a valuation of about $40 billion, nearly doubling its prior level, according to a Financial Times report. The move would further separate the federally regulated prediction market exchange from rival Polymarket.

Adjusting asset prices for U.S. M2 money supply growth paints a less flattering picture for both bitcoin and the S&P 500 than headline prices imply. On this basis, the S&P 500 has only recently reclaimed its dot-com-era peak.