Strategy mNAV Falls Below 1, Undercutting Its Bitcoin Accretion Threshold As of the June 26 U.S. market close, Strategy’s variable-rate per…
Strategy mNAV Falls Below 1, Undercutting Its Bitcoin Accretion Threshold
As of the June 26 U.S. market close, Strategy’s variable-rate perpetual preferred stock STRC closed at $74.57, down 1.48% and trading at an approximately 25% discount to its $100 liquidation preference, while MSTR closed at $82.31, down 3.54%. Meanwhile, Strategy’s website showed its mNAV had fallen to 0.99, implying that the company’s enterprise value had dropped below the market value of its bitcoin holdings.
The figure is also well below the roughly 1.22x threshold previously identified by management as the minimum mNAV at which issuing MSTR to buy additional bitcoin remains accretive on a per-share basis. Management has previously indicated that below this level, actions such as selling some bitcoin, rebuilding cash reserves, or repurchasing MSTR could be more accretive than issuing additional common stock to acquire more BTC.
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