Strategy's market value drops below its bitcoin holdings for the first time

Strategy's enterprise value has fallen to $50.4 billion, below its $51.1 billion bitcoin hoard. The stock is down 85% from its 2024 peak, and issuing new shares at these levels would be dilutive to common stockholders.

• Strategy's enterprise mNAV (multiple to net asset value) has fallen below 1 for the first time in years.
• The stock has dropped to ~$82, about 85% below its November 2024 all-time high.
• Bitcoin holdings are worth $51.1 billion while the company's enterprise value is $50.4 billion.
• Issuing new shares at current levels would be dilutive, drawing criticism from shareholders who see the company trading like a closed-end fund.

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