NewsHK
HONG KONG — Strategy's preferred shares, listed as STRC, briefly fell to a record low of $71.40 on Friday, leaving the securities roughly 25% below their stated par value.
The drop accompanied a broader deterioration in the company's mNAV — the ratio of enterprise market value to net asset value — which slipped below 1, marking the disappearance of the premium that had once distinguished Strategy's shares from a simpler, more direct exposure to bitcoin ($BTC).
What an mNAV Below 1 Actually Means mNAV, shorthand for multiple of net asset value, is the central metric for assessing whether Strategy's market price reflects a premium or a discount to the underlying value of its holdings.
When mNAV sits above 1, investors are paying more than the implied book value of those assets — historically read as confidence in the company's approach to accumulating $BTC.
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