Strategy loses its bitcoin premium as enterprise mNAV dips below 1

Strategy briefly lost the premium that investors assigned to its bitcoin holdings on Friday, with its enterprise mNAV, a metric comparing the company's overall market value with the value of its BTC, slipping below parity.

It happened as Strategy's common shares (MSTR) fell to a recent low of $82.16 on Friday, before slipping to around $81.80 in after-hours trading. 

Bitcoin (BTC), meanwhile, was trying to find its footing at around $59,560 after falling to $58,000 on Thursday.

Unlike the traditional mNAV metric that some crypto treasury companies use, which compares their equity market caps with the value of their digital asset holdings, Strategy now uses enterprise mNAV. The latter factors in things like debt, cash, and preferred stock.

In Strategy's case, a reading below 1 means that investors value the company's overall capital structure at less than the value of the bitcoin in its treasury. 

Throughout much of 2026, Strategy has relied heavily on the issuance of perpetual preferred shares like STRC to raise billions of dollars to fund the majority of its bitcoin purchases. But that doesn't come without cost. 

Those securities carry roughly $1.2 billion in annual dividend obligations, while the company's cash reserves have dipped to around $1.4 billion, according to CryptoQuant.

This has created a negative feedback loop that has put pressure on STRC, which itself hit a fresh low of around $71.40 on Friday before recovering to close at $74.72. That's nearly 26% below its intended $100 par value. 

This is something that nearly every other bitcoin treasury strategy copycat has also been struggling with. Japan's Metaplanet is currently trading at an enterprise mNAV of around 0.9, while the David Bailey-backed Nakamoto sits at around 0.92. 

Strive, which adopted a similar preferred share funding strategy through its SATA perpetual stock, remains one of the few major bitcoin treasury companies still trading above parity, with an enterprise mNAV of about 1.24, according to BitcoinTreasuries data.