PANews reported on June 27, citing Coindesk, that Bitcoin treasury company Strategy (MSTR)'s key metric mNAV has fallen below 1, meaning the market's overall valuation of the company is now lower than the total book value of its bitcoin holdings, breaking the long-standing norm of trading at a premium.

Currently, MSTR's share price is around $82, down 85% cumulatively from its all-time high in November 2024, with an enterprise value of $50.4 billion. Based on a bitcoin price of $60,000, the total value of bitcoin held by the company reaches $51.1 billion, resulting in an overall asset discount.

In the past, the market had long assigned a premium to Strategy's assets, supporting its ability to continuously raise funds through the issuance of common and preferred shares to purchase bitcoin. Now, in a discount environment, new share offerings will directly dilute existing shareholders' equity. Multiple prior rounds of share issuance to buy bitcoin have already drawn community dissatisfaction, and further fundraising could invite more criticism.

The market likens it to a closed-end fund, which tends to trade at a persistent discount when sentiment weakens. However, unlike traditional trusts, Strategy still has multiple operational tools at its disposal, such as debt issuance, securities refinancing, cash flow from its software business, and adjustments to its capital structure, providing room to maneuver against the pressure of the discount.