Fez – Strategy, the world’s largest corporate holder of bitcoin, has lost a key market advantage after its valuation fell below the value of the cryptocurrency it owns, reflecting weakening confidence in both the company and the wider crypto market.

The company’s enterprise value now stands at 0.99 times the value of its bitcoin holdings, according to Reuters. 

The figure, known as the “mNAV” ratio, has fallen below 1 for the first time.

Investors closely monitor this metric because company executives previously said selling bitcoin could become an option if the ratio remained below that level.

The development comes weeks after Strategy disclosed its first bitcoin sale since 2022, marking a significant change for a…