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

Investor focus has been on the company’s “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 one.

Its shares, however, were up 7.1% in pre-market trading on Monday after the company announced a share repurchase program and authorised as much as US$1.25 billion (RM5.1 billion) in bitcoin sales, building a liquidity cushion for the largest corporate holder…