Strategy has simplified its mNAV formula, a key metric used to decide on new share issuance, and fixed the threshold for resuming issuance at 1.0x. The change comes as MSTR shares have fallen more than bitcoin this year, weighing on investor confidence. CEO Phong Le said the 1.0x standard is the simplest and most transparent way to bring back stock issuance. Strategy said the revised metric reflects senior securities, separates in- and out-of-the-money convertibles, and aims for value-accretive issuance.

Grayscale has raised the possibility that bitcoin may have hit its bottom earlier than the timing implied by the traditional four-year cycle. Grayscale Research head Zach Pandl said bitcoin is becoming a mature asset and is increasingly influenced by macroeconomic variables, including the Federal Reserve\'s rate decisions. He said bitcoin may already have bottomed if the Fed does not raise rates and economic growth holds. Regulatory uncertainty remains a risk.