[DigitalToday reporter Chi-gyu Hwang (황치규)] Strategy has briefly lost the premium investors had assigned to the value of its bitcoin holdings, The Block reported on June 26 (local time).
Its corporate mNAV fell below 1. Corporate mNAV is a metric that compares a company’s overall market value with the value of its bitcoin holdings. It reflects debt, cash and preferred stock. A reading below 1 means investors value the company’s overall capital structure at less than its bitcoin holdings.
Strategy common stock SMSTR fell as low as $82.16 intraday on June 26 and slipped to around $81.80 in after-hours trading. Bitcoin fell to $58,000 on June 25.
Strategy raised billions of dollars throughout 2026 by issuing perpetual preferred shares such as STRC and poured the funds into bitcoin purchases. Its annual dividend obligation totals about $1.2 billion, while its cash holdings fell to about $1.4 billion.
The burden also weighed on STRC. On June 26, STRC fell to as low as $71.40 intraday and ended at $74.72. That is about a 26 percent discount to its $100 par value.
Chi-gyu Hwang
delight@d-today.co.kr