Strategy’s Bitcoin Premium Turns Negative as mNAV Drops Below 1

Published by

Nidhi Kolhapur

June 27, 2026

Michael Saylor’s Strategy is now valued at less than the market value of the Bitcoin it holds, with its mNAV ratio falling below 1 for the first time in the current cycle. The company previously traded at a significant premium, helping fund additional Bitcoin purchases through share sales. Management has said issuing shares below roughly 1.22x mNAV destroys shareholder value, meaning Bitcoin acquisitions could slow unless the premium returns.

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