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Strategy’s bitcoin premium vanishes as mNAV crashes to 1x
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Strategy’s bitcoin premium vanishes as mNAV crashes to 1x
In November, the market capitalization of Strategy (formerly MicroStrategy) fell below the value of its bitcoin (BTC) holdings. Today, the company admitted on its own homepage that its enterprise multiple-to-Net Asset Value (mNAV), calculated by dividing its enterprise value by its BTC holdings, has also fallen to 1x. MSTR, the company’s common stock, fell to $158.45 during Nasdaq’s morning session, sending its Enterprise Value below $63 billion…
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