coin-img-LIGHTERLIGHTER+1.80%coin-img-ETHETH+4.10%coin-img-BTCBTC+1.88%coin-img-UCNUCN+0.23%coin-img-SOLSOL+4.95%coin-img-XRPXRP+8.05%coin-img-PEPEPEPE+25.00%coin-img-USDCUSDC-0.08%coin-img-LIGHTERLIGHTER+1.80%coin-img-ETHETH+4.10%coin-img-BTCBTC+1.88%coin-img-UCNUCN+0.23%coin-img-SOLSOL+4.95%coin-img-XRPXRP+8.05%coin-img-PEPEPEPE+25.00%coin-img-USDCUSDC-0.08%coin-img-LIGHTERLIGHTER+1.80%coin-img-ETHETH+4.10%coin-img-BTCBTC+1.88%coin-img-UCNUCN+0.23%coin-img-SOLSOL+4.95%coin-img-XRPXRP+8.05%coin-img-PEPEPEPE+25.00%coin-img-USDCUSDC-0.08%coin-img-LIGHTERLIGHTER+1.80%coin-img-ETHETH+4.10%coin-img-BTCBTC+1.88%coin-img-UCNUCN+0.23%coin-img-SOLSOL+4.95%coin-img-XRPXRP+8.05%coin-img-PEPEPEPE+25.00%coin-img-USDCUSDC-0.08%
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Hassan Shittu

Michael Saylor’s Strategy Faces Valuation Strain as mNAV Hovers Near 1.0 on January 2, 2026

On January 2, 2026, Michael Saylor's Bitcoin-focused company Strategy saw its shares edge higher in early trading, even as its market-to-net-asset-value (mNAV) ratio hovered around 1.02. With a roughly 66% drop from its July peak, a basic market cap near $45 billion and more than 672,000 BTC on its balance sheet, the stock is approaching a point where it could trade below the value of its Bitcoin holdings, raising questions over its role as a proxy for direct BTC exposure.
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