MicroStrategy Marks $64.1B Bitcoin Holdings, mNAV Ratio Drops to 0.99
MSTR•MicroStrategy’s 847,363 BTC holdings, purchased for $64.1B, were marked to market under FASB ASU 2023-08, triggering a $14.5B unrealized loss and $12.5B net loss. Its market-to-net-asset ratio fell to 0.99, leaving $1.4B cash to cover just 9.8 months of $1.71B annual dividends alongside $6.75B debt.
1. BTC Holdings Marked to Market
MicroStrategy holds 847,363 BTC purchased at an average cost of $75,651 each, totaling $64.1 billion. Under FASB ASU 2023-08, the company marked those holdings to fair value in early 2026, resulting in a $14.46 billion unrealized loss and a $12.54 billion net loss, or $38.25 per diluted share.
2. mNAV Ratio Slips Below 1 for First Time
The market-to-net-asset value ratio declined to 0.99, marking the first occasion where the company’s shares trade below the Bitcoin value on its balance sheet. This breach of parity undermines the premium that funded past Bitcoin purchases and complicates future equity raises.
3. Cash, Debt and Dividend Runway Pressures
With $1.4 billion in cash against $1.71 billion of annual dividend obligations, the firm has roughly 9.8 months of cash coverage. It also carries $6.75 billion of debt at 11% net leverage and $15.5 billion in preferred securities, creating liquidity and dividend sustainability concerns.
