With MSTR's stock price dropping more than 8% in a single day, Strategy (formerly MicroStrategy), the world's largest corporate Bitcoin holder, is facing new market pressures. Although the company recently invested about $950 million to acquire 10,645 Bitcoins, the market did not respond positively, and its core valuation metric, mNAV (enterprise value to Bitcoin holdings market value ratio), has fallen to a historic low of 1.10, raising concerns among investors about the sustainability of its Bitcoin strategy.
Data shows that Strategy's current enterprise value is approximately between $60.5 billion and $64.3 billion, while its Bitcoin holdings are valued at about $57.9 billion. As Bitcoin's price dipped to $85,304 over the past 24 hours, the mNAV decreased by about 5.9%. Analysts point out that if Bitcoin continues to weaken, especially amid market fears over potential changes in monetary policies by the Federal Reserve and the Bank of Japan, the mNAV could further approach the critical psychological threshold of 1.