TechFlow News, June 27: As of the U.S. market close on June 26, Strategy (MSTR) common stock traded at $82.31, down 3.54% on the day; its variable-rate perpetual preferred stock STRC traded at $74.57, down 1.48%, representing approximately a 25% discount to its $100 per share liquidation preference.
Meanwhile, according to data displayed on Strategy’s official website, the company’s officially reported mNAV (market net asset value multiple) has declined to 0.99. This implies that the capital market currently values Strategy’s enterprise value below the market value of its Bitcoin holdings.
The market widely regards mNAV as a key metric for gauging Strategy’s Bitcoin premium. An mNAV above 1 indicates investors are willing to pay an additional premium for the company’s financing capability, operational value, and expectations of future Bitcoin purchases; conversely, an mNAV below 1 signals that the market’s overall valuation of the company falls short of its Bitcoin net asset value.
Notably, this level is also significantly lower than the approximately 1.22 threshold previously cited by management. Per Strategy’s previously disclosed logic, only when mNAV exceeds this threshold can issuing common stock to raise capital and purchase Bitcoin effectively increase Bitcoin holdings per share.
Analysts suggest that, against the backdrop of mNAV falling below this critical threshold, the appeal of continuing to buy Bitcoin via common stock issuances is diminishing. In contrast, using a portion of its Bitcoin reserves to pay dividends, bolster cash reserves, or even repurchase common shares may represent a more shareholder-friendly capital allocation strategy.
As Bitcoin’s price fluctuates and market risk appetite shifts, investors are closely monitoring Strategy’s valuation model and capital deployment flexibility.
