Strategy Inc. (NASDAQ:MSTR), the company formerly known as MicroStrategy and long recognized as the largest corporate holder of Bitcoin, has reached a significant milestone in its valuation trajectory. Its market valuation now sits at or slightly below the current market value of its substantial Bitcoin treasury, reflecting a notable shift in investor sentiment toward the firm’s aggressive digital asset strategy.
As of the most recent data, Strategy holds 847,363 bitcoins. At prevailing prices around $60,000 per coin, these holdings are worth approximately $50.9 billion.
The company’s market capitalization stands near $29.5 billion, while its enterprise value hovers around $50.4 billion.
This produces an mNAV ratio of 0.99 — a key metric that compares the company’s enterprise value to the fair value of its Bitcoin reserves.
An mNAV below 1.0 indicates that the market is assigning little to no premium (and in this case, a modest discount) for Strategy’s Bitcoin treasury approach and associated leverage.
This development represents a sharp contrast to earlier phases of the Bitcoin cycle, when Strategy’s shares frequently traded at substantial premiums to the underlying value of its Bitcoin holdings.
Those premiums rewarded investors for the company’s leveraged exposure to Bitcoin price appreciation and its consistent accumulation program.
The current compression has occurred amid a broader pullback in cryptocurrency markets, with Bitcoin trading well below its prior peak above $126,000.
Strategy, led by Executive Chairman Michael Saylor, transformed from a business intelligence software firm into a Bitcoin-centric treasury company.
It has funded its massive accumulation — now representing over 4% of Bitcoin’s total supply — through equity issuances, convertible debt, and a growing suite of preferred securities.
The firm continued adding to its reserves into 2026 even as prices fluctuated, while also making a small Bitcoin sale in late May — its first in several years — as part of efforts to actively manage its balance sheet and support dividend obligations.
The decline in mNAV coincides with several pressures: Bitcoin’s price consolidation, unrealized losses on holdings acquired at an average cost basis near $75,600 per coin, and questions about the sustainability of raising capital at attractive multiples to fund further purchases.
Strategy has also introduced yield-bearing products backed by its Bitcoin holdings, aiming to convert its treasury into a more diversified “digital credit” engine.
For investors, the current setup presents a mixed picture.
On one hand, the near-parity or slight discount to Bitcoin net asset value could appeal to those seeking direct leveraged exposure to Bitcoin at a reduced premium.
On the other, it signals diminished enthusiasm for the company’s historical “premium” narrative and raises questions about future capital-raising capacity if mNAV remains suppressed.
Strategy maintains strong Bitcoin-per-share metrics and significant coverage for its preferred dividends through its holdings.
Nevertheless, the valuation shift now underscores the risks of tying a public company’s equity performance so closely to a single volatile asset.
The situation continues to evolve rapidly alongside Bitcoin prices and broader market dynamics. Strategy’s experience serves as a real-time case study in the opportunities and vulnerabilities of corporate Bitcoin treasury strategies.