What Does MicroStrategy’s Falling mNAV Mean for Crypto?
MicroStrategy, now known as Strategy Inc., has seen its mNAV sink to 1.21x, the lowest it’s been in 19 months. What does this mean? Well, it shows that the company’s market cap of nearly $94 billion is barely covering its Bitcoin holdings, which are worth around $78 billion. Not long ago, MicroStrategy was trading at a significant premium to its Bitcoin assets, a sign of investor confidence in its aggressive purchasing strategy. Now, that premium has vanished, hinting at a growing distrust in the company’s ability to leverage Bitcoin effectively as a treasury asset.
How Does This Affect MicroStrategy’s Position in the Market?
The decline in mNAV is significant. It suggests that investors are becoming hesitant about the wisdom of using…
