Strategy Trades Below the Value of Its Bitcoin Stash as Sentiment Sours

Strategy Inc., formerly MicroStrategy, has slipped into territory Michael Saylor has long sought to avoid: the market is now valuing the business at less than the Bitcoin it holds. As of late June 2026, the company's enterprise market net asset value (mNAV) fell below 1.0, signaling that its enterprise value no longer covers the value of its BTC treasury. Strategy's enterprise value is about $50.4B, compared with roughly $51.1B in Bitcoin on its balance sheet. The stock has reflected the shift in mood. Shares traded around $82 in late June, down about 85% from the November 2024 peak near $550. Strategy holds an estimated 843,000 to 847,000 BTC. With Bitcoin hovering around $60,000, the hoard remains massive. The issue is cost: the company's average purchase price is roughly $75,000 to $76,000 per BTC, leaving the position underwater on average. A small BTC sale draws attention Strategy disclosed a sale of 32 BTC between May 26 and May 31, 2026, generating $2.5M at an average of about $77,135 per coin. It was the company's first Bitcoin sale since 2022. The move has drawn criticism because selling Bitcoin while the stock trades below NAV is viewed by some as dilutive to shareholders. The economics also offered little cushion: with an average cost basis around $75,000 to $76,000, the realized gain on those coins was slim. Why the premium disappeared For years, Strategy traded at a notable premium to the value of its Bitcoin holdings, supported by two beliefs: Bitcoin would keep rising, and Strategy's leveraged accumulation strategy could continue. Both supports have weakened. Bitcoin has struggled, remaining below $60,000, while Strategy accumulated much of its position at levels above the current price. The mNAV break below 1.0 is a repricing of Strategy's identity: from a leveraged, Saylor-led Bitcoin proxy to something that increasingly resembles a closed-end vehicle trading at a discount. Investor implications Strategy has been one of Bitcoin's most consistent corporate buyers in recent years. Any shift from aggressive accumulation to preservation would remove a meaningful source of demand from the market. With BTC near $60,000 against a $75,000–$76,000 average cost, the company is carrying roughly a 20% unrealized loss across its position. A further decline could amplify concerns around debt obligations and the firm's ability to service the leverage that previously helped justify its valuation premium.