June 29 (Reuters) – Strategy’s valuation has fallen below the value of ‌its bitcoin holdings for the first time, a milestone that weakened investor confidence in the Michael Saylor-founded company’s long-running cryptocurrency bet.

Investor focus has been on the company’s (MSTR.O), “mNAV” metric, which is its enterprise value ​relative to its bitcoin holdings, ever since CEO Phong Le’s remarks late last ​year that the company may consider selling bitcoins if the ratio ⁠drops below 1.

Strategy reported its first bitcoin sale since 2022 in a filing earlier this ​month, marking a notable shift for the largest corporate holder of bitcoin in the world.

It reported ​a bigger first-quarter loss, hammered by a slump in bitcoin prices…