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Strategy Inc., the company formerly known as MicroStrategy, has crossed a threshold that Michael Saylor probably never wanted to see. The firm’s enterprise market net asset value, or mNAV, has fallen below 1.0 as of late June 2026.
In plain English: the market now values the entire company at less than the Bitcoin sitting on its balance sheet. Strategy’s enterprise value stands at roughly $50.4B, while its Bitcoin holdings clock in at approximately $51.1B.
The numbers tell a brutal story
Strategy’s stock was trading around $82 in late June, representing an approximately 85% nosedive from its November 2024 all-time high of $550.
The company holds somewhere in the range of 843,000 to 847,000 BTC. At Bitcoin’s current price hovering around $60K, that’s an enormous treasury. But here’s the thing: Strategy’s average acquisition cost for those coins sits at roughly $75K to $76K per BTC.
The entire bull thesis for Strategy, that it could trade at a premium to its Bitcoin holdings because of Saylor’s vision and leverage strategy, has evaporated.
That 32 BTC sale raised eyebrows
Adding fuel to an already uncomfortable fire, Strategy sold 32 BTC between May 26 and May 31, 2026. The sale netted $2.5M at an average price of about $77,135 per coin.
This was Strategy’s first Bitcoin sale since 2022. Critics argue that selling Bitcoin while the stock trades below NAV is dilutive to shareholders.
The timing also stings. Selling at $77K while the average cost basis hovers around $75K to $76K means the profit margin on those particular coins was razor-thin.
What broke the premium
For years, Strategy traded at a significant premium to its Bitcoin holdings. That premium depended on two things: Bitcoin going up, and the market believing the leverage game could continue indefinitely.
Bitcoin itself has struggled, trading below $60K. Strategy loaded up on Bitcoin at prices above the current market value, meaning every single coin on the balance sheet is, on average, underwater.
The mNAV dropping below 1.0 represents a fundamental repricing of what Strategy actually is. At a premium, the stock was a leveraged bet on Bitcoin’s future with Saylor as the charismatic operator. Below 1.0, it starts to look like a closed-end fund trading at a discount.
What this means for investors
Strategy has been one of the largest consistent buyers of Bitcoin over the past several years. If the firm shifts from accumulation mode to conservation mode, that removes a significant source of buying pressure from the market.
With an average cost basis around $75K to $76K and the price sitting near $60K, Strategy is carrying roughly a 20% unrealized loss across its entire position. Another significant leg down could trigger concerns about the company’s debt obligations and its ability to service the leverage that once made it attractive.
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