Strategy's market cap falls below its Bitcoin holdings, breaking Saylor's accumulation flywheel
By
Janet Harrison
Summary
Strategy (formerly MicroStrategy) has seen its market capitalization fall below the value of its Bitcoin holdings for the first time, breaking the premium pricing loop that Michael Saylor used to build the world's largest corporate Bitcoin treasury. The company's enterprise mNAV (market net asset value) has dropped below 1.0, meaning investors now value the company at less than its 847,363 Bitcoin holdings. This reverses the four-year flywheel strategy of issuing equity above Bitcoin value to buy more Bitcoin, raising doubts about the sustainability of the corporate Bitcoin treasury model in a bear market.
Source
bskyStrategy's market cap falls below its Bitcoin holdings, breaking Saylor's accumulation flywheelstartupfortune.comKey quotes
· 3 pulledStrategy's stock now trades at a discount to the Bitcoin it owns, ending years of premium pricing that fueled Michael Saylor's accumulation machine
The loop that built Strategy into the world's largest corporate Bitcoin holder was elegant when it worked.
Strategy's enterprise mNAV has fallen below 1.0 for the first time, meaning the market values the company at less than its 847,363 Bitcoin holdings
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