Michael Saylor’s Bitcoin-focused company Strategy is nearing a key valuation threshold where its market-to-net-asset-value (mNAV) multiple could fall below 1, weakening the investment logic. Despite holding 672,497 Bitcoins worth around $60.7 billion, Strategy’s market cap is discounted at approximately $45 billion, reflecting investor skepticism amid stock underperformance. The company has raised $748 million in USD reserves to ease funding risks, but concerns remain as the Bitcoin price approaches the average acquisition cost, creating pressure on the firm’s stock.
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[IMPORTANT] Michael Saylor’s Strategy Faces Critical Valuation Test as mNAV Approaches Parity
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