MicroStrategy Shares Fall 29% to $81.81, Market Cap Slides Below NAV
MSTR•MicroStrategy shares plunged over 3.5% to an annual low of $81.81 as Bitcoin prices fell below $60,000, driving its market capitalization below its mNAV for the first time and erasing 29% of its value last week. The company reported a $14.46 billion unrealized loss under FASB ASU 2023-08 and faces $6.75 billion in debt plus $15.5 billion in preferred securities while cash covers less than one year of dividend payments.
1. Stock Plunge and NAV Breach
MicroStrategy shares slumped more than 3.5% on Friday to $81.81, marking an eight-session losing streak and a 29% decline over the past week. The sell-off pushed its market capitalization below the value of its Bitcoin holdings (mNAV below 1) for the first time, signaling that investors no longer pay a premium for the stock relative to its assets.
2. Bitcoin Holdings and Accounting Losses
The company holds 847,363 BTC acquired at an average price of $75,651 each. A drop in Bitcoin below $60,000 triggered FASB ASU 2023-08 fair-value accounting, resulting in a $14.46 billion unrealized loss and a $12.54 billion net loss, or $38.25 per diluted share, in early 2026.
3. Balance Sheet Obligations
Strategy carries $6.75 billion in debt and $15.5 billion in preferred securities, while cash reserves cover fewer than 12 months of dividend obligations. The mismatch between asset value and liabilities raises concerns about liquidity and the ability to sustain dividend payments if Bitcoin prices remain depressed.
4. Saylor’s Potential Bitcoin Accumulation
Executive Chairman Michael Saylor hinted at further Bitcoin purchases by sharing an acquisition-tracking chart and stating, “We’re gonna need more charts.” Retail sentiment remains in bullish territory with high message volumes, reflecting ongoing faith among individual investors despite the sell-off.
